Technology is improving, and with this improvement come innovations that can help create solutions to housing problems. Here are a few innovations that are helping to make affordable housing more accessible for everyone.
Building Faster At Lower Costs
There are construction firms currently looking for ways to increase building productivity by reducing costs and time spent per project. This stands to save money spent on each individual house by a lot, with the savings made able to be put into a different use. Modular construction is also being merged with new technologies in construction to improve the predictability, scalability, and control that can be exercised on a unit under construction. Even 3D printing has been used successfully to render livable spaces in a fraction of the time it takes to traditionally construct a house. Issues like flood and water damage are on the rise, with 37% of American homeowners saying they have suffered losses from it at some point. This makes it even more important to find a solution that will save time and resources in such situations.
Preserving and Producing Affordable Housing
Many citizens in different neighborhoods yearn to own a home, but not all of them can afford to buy one. With cumulative homeownership costs being the biggest barrier for them, these people can be helped to attain their ambitions by producing housing that is affordable. Low-income citizens can also get both technical and financial help to own a home, the most popular option currently being services offered by the non-profit organization ROC, which stands for Resident Owned Community.
Creative Financing to Allow More People to Qualify For a Mortgage
A grim statistic shows that one out of every 200 homes is going to have a foreclosure carried out on it. This may be due to the fact that incidents happen, taking away the spending power of an individual who wants to pay a mortgage but no longer can. With economic upheavals, it is commonplace to have people taken off the trajectory of making timely payments they were on. For this reason, both lenders and other institutions can come up with creative solutions that will make sure more people qualify for mortgages. Different solutions already underway include crowdfunding and investment opportunities for people of all ages.
Helping Renters Achieve Homeownership
This can be done by helping minorities and low-income citizens who face more barriers on the path to homeownership to overcome the barriers. For most of these people, rent is their most consistent payment, and yet rent is not a factor considered in most credit reports. Offering to include rent as a factor in credit reports will help more people establish a good credit score, making it possible for them to qualify for mortgages or even higher-priced homes.
Healthier and More Sustainable Building
Seeking to create sustainable and affordable housing has been the driving force for many companies over time, and it seems that innovations have finally found a way to achieve it. By reducing the operational costs of a building, it remains affordable long after construction. There is also the tendency to venture into non-traditional building methods and materials, a good example of which is the use of containers. With about 17 million shipping containers currently in the world and only six million of those in use, they are a potential solution. Container modification and fabrication can produce housing in a fraction of the time it takes to construct a house, which will make a house that much faster and lead to less use of resources.
It is possible to make affordable housing a reality for most people. Simply applying the right technologies and getting creative are two things that will help with this. As we head into the future, we can expect better and more efficient solutions to problems that have plagued us for a long time.