[ThirdOfFive]

This was going to be a post in another thread but it would have only indirectly been related to the topic at hand. And this particular topic is quickly becoming one that may have profound repercussions here in The Villages, what with ever-more service workers being needed in TV as it expands and more businesses sprout up.

Question: Just what IS “affordable housing”? Is there a sound, realistic definition for the term, or it it just another buzz phrase that sounds great when people rattle it off but has virtually no real meaning?

[retiredguy123]

$650 per month for a one-bedroom apartment

$15/hour x 35 hours/week x 50 weeks = $26,250
$26,250 x 30 percent is about $650 per month

And, anyone who cannot make a 20 percent down payment, should not buy a house.

[DAVES]

Originally Posted by ThirdOfFive

This was going to be a post in another thread but it would have only indirectly been related to the topic at hand. And this particular topic is quickly becoming one that may have profound repercussions here in The Villages, what with ever-more service workers being needed in TV as it expands and more businesses sprout up.

Question: Just what IS “affordable housing”? Is there a sound, realistic definition for the term, or it it just another buzz phrase that sounds great when people rattle it off but has virtually no real meaning?

So many words are defined not by society but by the concept of the person using them. Shockingly stated by a friend. FAIR? Reality, life is not fair.

From my grandmother, born around 1898 and passed away long ago. It is far easier to move up than to move down. Property values, cost to live here. Everything is going up that is true wherever you/we lived previously.

[DAVES]

Originally Posted by retiredguy123

$650 per month for a one-bedroom apartment

$15/hour x 35 hours/week x 50 weeks = $26,250
$26,250 x 30 percent is about $650 per month

And, anyone who cannot make a 20 percent down payment, should not buy a house.

Interesting to me is how numbers change over time. When we bought out first home, the only one before the villages, as I recall the guide for housing was not 30% but 25% one week take home pay-after taxes. We did not as many seem to do tell our parents they should give us money. We lived cheap. Where we lived it was common to hear of cars stolen from the street in front of our apartment. Strange even the thieves didn't want to take my car. I worked full time and had another job, source of income on weekends. I'm not sure but I think they required 10% down and interest was 8 point something.

Strange concept for many. Old book simple concept. You should save 10% of your income and live on the rest. The magic of compounding. Normal long term stock market return is 8% that means your money doubles every 9 years. You work, I worked 49 years.
your money will double 5.4 times. To quote another friend, I was an overnight success, it only took me 49 years.

[VApeople]

Originally Posted by ThirdOfFive

Question: Just what IS “affordable housing”?

It is housing that we can easily afford.

Originally Posted by ThirdOfFive

Is there a sound, realistic definition for the term?

No.

Originally Posted by ThirdOfFive

is it just another buzz phrase that sounds great when people rattle it off but has virtually no real meaning?

No. The phrase has meaning to me and I already told you what it means to me.

[Bill14564]

Originally Posted by retiredguy123

$650 per month for a one-bedroom apartment

$15/hour x 35 hours/week x 50 weeks = $26,250
$26,250 x 30 percent is about $650 per month

And, anyone who cannot make a 20 percent down payment, should not buy a house.

I understand the math but when I look online to see what rent is in the area, I don't see anything starting at even twice that much. While I didn't spend a lot of time looking, $1,500/month seems to be the minimum.

The problem seems to be that the housing that gets built isn't "affordable" and housing that would be "affordable" gets the NIMBY treatment. Maybe that will change with all the new developments being approved.

[Two Bills]

Affordable housing is usually only affordable to the first purchaser, after that 'market price' comes into effect, unless of course there is some restriction on resale price.

[golfing eagles]

Originally Posted by VApeople

It is housing that we can easily afford.

Except, "WE" is quite a broad spectrum

[LuvNH]

Originally Posted by ThirdOfFive

This was going to be a post in another thread but it would have only indirectly been related to the topic at hand. And this particular topic is quickly becoming one that may have profound repercussions here in The Villages, what with ever-more service workers being needed in TV as it expands and more businesses sprout up.

Question: Just what IS “affordable housing”? Is there a sound, realistic definition for the term, or it it just another buzz phrase that sounds great when people rattle it off but has virtually no real meaning?

I think this post is thrown at me. Affordable housing means nothing to someone who can afford the rents and the down payments required to find a place to live, but it melans a a hell of a lot to people who are forced to livle in their cars because their circumstances do not allow the ability to pay rent or save for a down payment.

If you do not know what affordable housing means you need to get out of the bubble and see what is happening in the real world.

[VApeople]

Originally Posted by golfing eagles

Except, "WE" is quite a broad spectrum

No. In my world, "we" means my wife and I.

[LuvNH]

The cost of "affordable housing" also changes according to the State where you live. My Granddaughter and her husband are paying over $2,000 per month for a one bedroom tiny apartment in NH. My other Granddaughter moved to N.Carolina and pays $2,2000 for a three bedroom apartment. Location, location, location.,

[Rainger99]

The federal government typically defines housing as affordable when it consumes no more than 30 percent of a household’s income.

So if you are making $30,000 a year, affordable housing would be $750 a month. If you are making $50,000, affordable housing would be $1,250.

[Craig Vernon]

The Villages were very affordable three to four years ago. The entry level patio villas were below 200k, the cottage series were low 200k, Courtyard villas were below 250k and designers were 500k with a pool on a golf course. My how things change in just a few years. Many homes in the Villages are second homes and they are giving way to rental properties as the value and affordability goes away. Six percent a year for 25 years was good, 50-100% in three years is not and must correct or I fear we fifty somethings will be forced to go elsewhere.

[unialimon]

need some Section 8 housing. Seemed to work for Madison WI.

[BrianL99]

Originally Posted by ThirdOfFive

This was going to be a post in another thread but it would have only indirectly been related to the topic at hand. And this particular topic is quickly becoming one that may have profound repercussions here in The Villages, what with ever-more service workers being needed in TV as it expands and more businesses sprout up.

Question: Just what IS “affordable housing”? Is there a sound, realistic definition for the term, or it it just another buzz phrase that sounds great when people rattle it off but has virtually no real meaning?

Generally, the US government characterizes "affordable housing", is housing that costs less than 30% of a households income.

HUD characterizes "affordable housing" in stages.

"Low Income Housing" is affordable (per HUD Guidelines) to folks earning no more than 80% of the Median Income, in the SMSA l(Standard Metropolitan Statistical Area) they live in.

"Very Low Income Housing" is affordable to to folks earning no more than 50% of the Median Income in their SMSA.

Many states have "Affordable Housing" Laws/Regulations, all of whom define Affordable Housing, differently.

In another life, I was Director of the Housing Opportunities Program for the Commonwealth of MA. I can tell you from experience, the "affordable housing" industry is joke of gargantuan proportions and seldom do "affordable housing programs" serve the folks they were meant to serve. It's an industry rife with abuse, fraud, manipulation and typical government incompetency.