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The spike in housing prices has caused many people to be priced out of owning a home, this is part of the American Dream that is dimming. Finding safe and affordable places to live is becoming an urban legend today.
Too often families find themselves living in rundown older apartments or homes with constant rent increases that are unpredictable and in some cases very unreasonable. With many Millennials finding themselves living in their parents basement or childhood room, crowding in with family or friends. in short the rapid rise of the housing market has become an epidemic.
Smart Cities are on the rise and there is a serious need for not only affordable housing but for affordable smart housing, we are Spartan are looking to work closely with developers to bridge that gap.
The need for Affordable Housing is growing on a daily basis
According to the 2014 How Housing Matters survey:
Forty-seven percent of adults surveyed experience unstable or insecure housing situations at some point in their lives. That number rises to 59 percent for families whose income is less than 40,000.
In every region of the U.S. — Northeast, South, Midwest and West — anywhere from 53 to 69 percent of those surveyed classify the purchase of affordable housing as challenging in their community.
Fifty-eight percent say that a family of four with an income of about 50,000 would have a hard time finding affordable quality housing. That number skyrockets to 88 percent for a family of four with an income closer to 24,000.
Most survey participants believe that friends and family who are getting older will face challenges meeting their housing needs. Sixty-five percent highlight affordability as a top issue, second only to an individual’s physical needs as they age.
More than 11 million Americans now pay more than half their salaries or their monthly income towards rent. This number has increased over 30% in the past 5 years setting all time high records.
One in four housing markets are not affordable by historic standards; data shows that 25% of US counties are now less affordable now than the year prior which was at 19%.
15 million children (or 21% of all children) live in families with incomes below the federal poverty level.
Wellness is impacted when poor housing is the norm for a person or family. There is a high level of sub standard affordable housing throughout the United States creating unhealthy living conditions. With traditional builds and lack of upkeep can lead to chronic dampness which can lead to insects, rodents and other pests, mold and health issues attributed to asthma and allergies. Lack of repairs can lead to dangerous conditions as well.
With the current US minimum wage an affordable homeowner or renter would need to work approximately 90 hours per week to solely afford a one-bedroom mortgage or rental home at the Fair Market Rent and 112 hours per week to solely afford a two-bedroom. This impacts the quality of life for an individual and a family.
According to reports 50,000 veterans are homeless in the United States today and 1.4 million are considered at risk of homelessness due to lack of support systems, low wages and poor living conditions.
Spartan MTech is looking to work closely with government agencies in the United States as well as globally to fill the void that is so obvious, the lack of quality affordable smart housing. Affordable housing itself is a major problem but lets think bigger and better and affordable.
The future of the Internet of Things is not for some people its for all people and with smart cities in focus in many nations, the need for affordable smart housing will be more important than ever.
We are Spartan are committed to working with real estate developers to have a direct impact on the affordable housing crisis. The lack of affordable housing is not just impacting the impoverished , its impacting all walks of life, when you have to allocate over 50% of your income solely to pay a mortgage or rent, this is excluding utilities, then there is a problem.
We are committed to having the affordable smart builds that we will be a part of to incorporate the advanced technology needed to make sure that housing has internet capability, certain standard smart home technology, potential of solar powered for those developments requiring it and a security system.
Innovating The Real Estate Industry With Smart Technology
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