every
one
deserves a decent, safe, affordable place to live.
Housing is the Foundation
Homeownership is the key to empowering families to build brighter futures.
When a family has a safe, affordable place to call home, bigger things begin to happen — families frequently improve their health, educational attainment, safety, and prosperity. With a little help, Habitat homeowners are empowered to build a better future for themselves and their families for generations to come.
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Improving affordable homeownership leads to:
The need for affordable housing in the Greater Matthews community
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Fewer than 1 in 5 homes in Matthews are affordable to households making 80% of AMI
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Only 3% of all homes in Matthews are affordable to those making below 60% of AMI
A household would have to make over $59,000 a year to afford a median 2-bedroom apartment in Matthews
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40% of Matthews renters are cost-burdened (paying more than 30% of their income on rent)
The federal government defines affordable housing as housing that doesn't cost more than thirty percent (30%) of your income. This includes the cost of your rent or mortgage, insurance costs, property taxes, and utilities. Studies have shown that when families have to spend more than 30% of their income on housing, they are unable to afford other basic necessities, such as healthy food or medical care.
What does "affordable housing" mean?
The federal government defines affordable housing as housing that doesn't cost more than thirty percent (30%) of your income. This includes the cost of your rent or mortgage, insurance costs, property taxes, and utilities. Studies have shown that when families have to spend more than 30% of their income on housing, they are unable to afford other basic necessities, such as healthy food or medical care.
Area median income is defined as the midpoint of a specific area's income distribution and is calculated on an annual basis by the Department of Housing and Urban Development. It is the household income for the median/‘middle’ household in a given region. Thus, if you were to line up each household from poorest to wealthiest, the household in the very middle would be considered the median. In Matthews, the AMI is $89,881 for 2023.
What is Area Median Income (AMI?)
Area Median Income (AMI) or sometimes referenced as Median Family Income (MFI), is the household income for the median/‘middle’ household in a given region. Thus, if you were to line up each household from poorest to wealthiest, the household in the very middle would be considered the median. In Matthews, the area median income is $84,200.
Decent home, brighter future—this is why housing matters.
Decent, affordable shelter provides families with a place to gather and grow. Even more, by working with Habitat to achieve affordable homeownership, families can transform their lives.
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Affordable homeownership helps create the conditions that free families from stress and fear, helping build stability and confidence. Studies show that strong and stable households are foundational to child development and growth. When a home fosters — instead of hinders — health and safety, families can flourish. Owning an affordable home also allows homeowners to lift up their entire family by saving for their futures and investing in educational opportunities — bolstering job opportunities and long-term career growth.
The Evidence
Academic research and surveys point to the conclusion that improved home conditions enhances the quality of life in a variety of specific, verifiable ways.
Civic & Social Engagement
Homes that are affordable allow families to put a stake in their community, improving the space for everyone living there. Homeownership motivates increased civic engagement regardless of income level, so increasing opportunities for homeownership among people with low incomes will increase their political and social involvement
Better Health
When a formerly cost-burdened family no longer has to cover oppressive monthly housing costs, they can afford more preventative care and spend less on expensive emergency care. What’s more, leaving behind the stress of unaffordable rent or poor living conditions can lead to improved health for families.
Reduced Environmental Footprint
Residential buildings consume substantial amounts of energy, contributing to environmental concerns and climate change. The International Energy Agency has lauded improved residential energy efficiency as one of the most cost-effective mechanisms to reduce greenhouse gas emissions.
