What You Should Know About Housing Affordability
Updated: May 9, 2019
Australia has been facing a lot of heat regarding property prices and how it’s been so difficult for many to have a place to stay. Quite frankly, it does not just happen in Australia, but globally as well. People are struggling to find a decent home because of how expensive it is. This was not the case in the past. However, because of all the changes that have been taking place, there’s nothing left other than to adapt.
During the last 10 years, Australia has been experiencing an increase in housing unaffordability because of different factors. But much can be blamed on the growth of property prices especially in Sydney, Melbourne, and New South Wales- which are the main states with the most influence in terms of the housing market. There’s also the matter with overseas migration that is putting pressure on housing affordability. Why is this such a big issue? The simple answer is because we all deserve to have a place we call home that is not just affordable but safe as well. Unfortunately, many are facing the challenges of having access to that. It has even come to a critical point that is impossible to be overlooked at.
Here are a few important things to know about housing affordability.
WHAT IS AFFORDABLE HOUSING?
Affordable housing is defined as an accommodation that caters to the needs of those on low to modern income household or properties they would be able to afford. In other states, affordable housing is managed by private organizations and even non-profit ones. These are normally funded by a program called the National Rental Affordability Scheme, which was established to help those in the low medium households find a lower rental cost home and at the same time, find ways to increase their number.
HOW CAN YOU BE ELIGIBLE FOR THIS PROGRAM?
Of course, the National Rental Affordability Scheme or the NRA has an eligibility guide. There are the income limits which is a good predictor whether one is eligible for this program or not. Other factors may include your Australian citizenship and if one is able to maintain a successful tenancy.
WHAT ABOUT APARTMENTS?
According to the reports, the crisis about housing affordability is going from bad to worst especially in the developed countries. One reason is because of the increasing number of high-rise apartments and although this could contribute to the number of housing it does not always sit well with homebuyers. Part of the reason for this is because a lot of people find that these apartments are not family friendly and are not suitable for their growing family. Apartments are normally more appealing to singles with or without a child or couples only.
WHAT COULD BE THE BEST SOLUTION?
The short answer is there is no easy solution for this problem. To be able to address this, the government should really take action. Zoning restraints are seen to be one, but it can only do so much. It’s important to continue with the holistic discussions regarding this problem.
We understand the need for quality yet affordable accommodation. As Australians, it is not right that we do not do anything for this shortage problem that’s affecting our community. Which is why we established Xotel to provide community living rooming houses and short term accommodation. We are committed to helping out the nation is experiencing a better life with their family.