The amount of housing you can afford is dependent on multiple factors. First, you should consider your income. It’s also important to understand what other expenses you deal with. If you’re having a hard time making rent and keeping up with other necessary costs, you may be cost-burdened. If that rings true for you, bringing your housing costs down can get you into a more comfortable spot!
Different Ways to Lower Your Housing Expenses
The average cost of rent in America has greatly increased over the last several years and unfortunately this isn’t expected to change. The Department of Housing and Urban Development (HUD) recommends that housing costs don’t exceed 30% of a household’s income. Recently it’s become increasingly difficult to keep housing costs under a reasonable amount. Many households are finding themselves struggling to make rent each month. It’s more important than ever that people understand what types of solutions they can rely on to get their housing costs down.Seek Federal Housing Assistance
If you find that you’re spending the majority of your income on rent each month, you likely have little left over for other basic needs. If you make a low income, you may struggle to afford other expenses like healthcare, transportation, and food. The first solution you can consider in order to get your housing costs down is to seek government assistance. There are various programs that provide help in different ways. Housing assistance programs you can consider include the following:-
- Supportive Housing for the Elderly Program
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- Public Housing Assistance
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- Housing Choice Voucher Program (Section 8)
Supportive Housing for the Elderly Program
Affording all life’s major expenses, including housing costs, can be especially difficult for elderly individuals. This program benefits seniors that are 62 years or older and make a low income. Many seniors may be on a fixed income, leaving them little room to keep up with growing rent rates. This is why the Supportive Housing for the Elderly Program is important!Public Housing Assistance
Low-income families and individuals can benefit from this housing assistance program. Public housing provides qualifying recipients with a rental unit to live in at an affordable rate. Although this is a federal program offered by the HUD, local public housing agencies (PHAs) administer the program. Therefore, if you’re looking to benefit from public housing, a good place to start is with your PHA! In order to benefit applicants, need to take the following criteria:-
- Contact your PHA to start the application process
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- Meet income requirements set by the PHA
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- Be a U.S. citizen or have an eligible immigration status
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- Pass a background check (likely complete with references)
What are the disadvantages of public housing?
As stated above, there is both limited availability and high demand for affordable housing. Therefore, approved applicants usually need to wait for months to years before it’s their turn to move into an available unit. This is one of the disadvantages to public housing. In addition to that, recipients don’t get much freedom of choice regarding where they live. However, public housing can still be a valuable resource for those in need of housing assistance!Housing Choice Voucher Program (Section 8)
Another housing assistance program provided by the HUD is the Housing Choice Voucher program. However, you might recognize this housing opportunity as Section 8. This program also provides rental assistance to eligible low-income families and individuals. Instead of providing a subsidized rental unit, Section 8 offers vouchers that cover housing costs in private rental units. Local PHAs are also responsible for administering these vouchers for qualifying recipients. In order to be eligible for a voucher, you need to:-
- Reach out to your local PHA to begin the application process
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- Meet the income requirements set by your local PHA
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- Find an approved rental property to live in
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- Get your application approved by the landlord of the property