Comparing Affordable Housing Options (Copy)
In this edition of our newsletter, we will compare the different types of innovative affordable housing solutions available to low-income individuals.
As we navigate the complexities of housing challenges in Palm Beach County, our mission is to shed light on various housing models that not only meet the need for very low-income, but also pave the way for sustainable and stable communities.
We will compare the following types of affordable housing:
Honorable mention: Accessory Dwelling Units
AFFORDABLE HOUSING OPTIONS: PREDOMINANTLY RENTED
In Palm Beach County, median household income is $76,600. “Low income” households are defined as people making $58,441 - $77,920 per year. But what about those who make less than that?
In fact, 90,000 non-family households (15% of Total Households) make less than $35,000 in Palm Beach County and roughly 6,000 in Delray Beach are below that level.
We need to think outside of the box if we are going to come close to making an impact on the affordable housing crisis in Palm Beach County.
Let’s start by comparing housing options that are affordable AND attainable to people making less than 50% of the Average Median Income in Palm Beach County.
Key Takeaways:
Multi-Tenant Housing Units (MTHU's) hit a distinct position in the market with target towards low-income individuals only, low rents, small unit sizes with absolutely no government subsidies or tax breaks.
Micro Apartments provide benefits such as cost savings on rents and utilities, cohesiveness, flexibility, minimal environmental impact, and efficiency.
AFFORDABLE HOUSING OPTIONS: PREDOMINANTLY OWNED
Now let’s look at the innovative housing solutions that are predominantly owned:
Key Takeaways:
The trendy affordable housing options - Tiny Homes, Container Homes and Workforce Housing - are geared towards low-to-middle incomes, larger households and rely on some level of government subsidies.
After reviewing these affordable AND attainable housing options for people making less than 50% of Palm Beach County’s AMI ($38,300), which housing solution do you think would work best? We want to hear your thoughts.
With your support, we can continue advocating for innovative, affordable housing concepts such as Tiny Homes, Container Homes, Micro Apartments and Multi-Tenant Housing Units. Together, we can make a difference and ensure that everyone has access to safe and attainable housing in our community.