What does it mean when we say Habitat increases affordable housing opportunities for low-income households?
Home is the key to healthy and vibrant communities and Habitat builds affordable homes for those who need a helping hand. Housing affordability is measured by the percentage of income a household spends on housing relative to their annual household earnings. Housing is affordable when households spend 30% or less of their gross income on housing costs.
Consider the following:
1. The average sales price of a three-bedroom home in Nevada County is $614,500 (source: realtor.com).
2. The average rental cost for a three-bedroom unit in Nevada County is $1,911 (source: rentaldata.org).
3. Habitat partners with homeowners earning 30-80% of the area median income.
Housing affordability issues can arise when median housing costs surpass what is economical for people at or below the area median income. Habitat builds homes for households earning 30%-80% of the Area Median Income and creates homeownership opportunities for households priced out of the traditional housing market.
NCHFH Habitat homeowners have stated that without the Habitat program, they would not have been able to purchase a home in Nevada County. Households who partner with Habitat become homeowners of a modest and affordable home that meets their needs. In addition to creating affordable housing, Habitat provides opportunities for homeowner education and continues to support homeowners with financial education opportunities and more.
When you support Habitat as a volunteer, donor, or advocate you are helping working households who earn 30-80% of the area median income to secure affordable, safe, and permanent housing.
Housing security and affordability are critical for the households we serve and the communities we build in. Everyone deserves a decent, safe, and affordable place to call home.