HOUSING: Define ‘affordable’

It was interesting to read Michael Moore’s opinion on “Responsible Growth.” As the president of the NIBCA, he emphasized the need for affordable housing for the workforce.

I have continually asked those who use that term, for a definition of “affordable housing.” With no success. Not the standard formula of 30% of 50% of 33.275% of some floating number divided by pi (sarcasm intended), but a realistic dollar definition that relates to this area. I would challenge Mr. Moore to define “affordable housing.”

What is the price of an affordable home? Is it $200K, $300K, what? How many square feet, bedrooms, baths, etc…? What is the income of the target population of that “affordable housing?” Are they able to save a down payment? What are the monthly housing costs (principal, interest, taxes, insurance, maintenance, food, clothing, etc…) that the target population can afford?

Can/will the builders build a home for that “affordable amount?”

I have said many times that, unfortunately, I think the “affordable home” for the workforce worker has disappeared. The average home is around $450K and rents are so high that many people are doubling up to pay the rent. A buyer is lucky to find a fixer upper for less than $400K.

Are we going to end up with “affordable” common wall sardine can condos? How much will they appreciate so the first-time buyer can move up? Will that “affordable” then be “affordable” to the next buyer at resale?

What is the NIBCA doing to mitigate the consequences of growth?

ED DePRIEST

Hayden