Is Affordable Housing Really Affordable?

Housing is one of the basic necessities of life. Families thrive when they can afford to live in high-quality homes in safe neighborhoods. Good housing is the foundation for sustainable, economically vibrant, and diverse communities. That’s why supporting affordable housing development is so central to LISC Greater Kansas City’s mission.

What qualifies as “affordable housing,” however, is a bit of a moving target.

“Affordability” is based on an individual’s or family’s circustances as well as their income, which may change from month to month. Meanwhile, rents are increasing, the cost of living is rising, home prices are climbing, and mortgage interest rates remain high.

Affordable housing comes in variety of forms – but the bottom line is, housing costs, which include utility costs, should not exceed 30% of household gross income in order to qualify as affordable.

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