Affordable Housing as a Pathway to Economic Mobility
Quality and affordable housing is often overlooked as a critical component in generating jobs and stimulating economic development in neighborhoods. Creating more affordable housing options creates a sustainable workforce, generates tax revenue, stimulates the local economy, spurs economic development, builds healthier neighborhoods and more stable families, and reduces foreclosures and displacement.
Research shows that housing is the priority for creating and sustaining economic agility and that one’s ability to attain opportunities is inherently associated with the community where they live, work, and play. When housing is affordable in socially diverse neighborhoods such as Crooked Creek, parents can provide nutritious food for their families, secure reliable daycare and transportation, send their children to achieving schools, feel safe and less stressed, and receive necessary medical care. When affordable housing is available, families earn more, live better, and increase their life expectancy!
Affordable housing serves as the first rung on the ladder towards upward fiscal progress. Crooked Creek has a limited supply of affordable housing and quality rental units but, is also positioned within proximity of Park 100, Ascension St. Vincent, and other large employers. As the gap between home prices and income widens, 26% of Crooked Creek residents now live in poverty, 47% of households spend more than 30% of their income towards housing, and the median salary is only $40,000.