The housing crisis is a daunting picture. After the housing crisis began, getting affordable housing was not easy, even years later. You may believe after the worst situation; the average housing costs would fall for a few. However, increasing unemployment rates and other hardships have further made the economic picture bleak. Around this time, people have spent more money than what was within reach, only to have a roof over their heads. But not all is bad news. Fortunately, enough, a few creative souls still lie ahead through which you can ensure an affordable living space without compromising much.
Opt for other cities or neighborhoods
Whether you want to rent out a place or buy it, less pleasant neighborhoods are a great way to start. Such neighborhoods are cheaper and readily available. So instead of only looking through popular areas, make sure to check out the less popular ones, suggests Maxwell Drever.
On the other hand, if you wish to save a little extra money and are willing to relocate entirely, you can look for places in less populated cities. These cities have a different take on the real estate market, thus providing you with affordable yet uncompromised living conditions. Further, these places also have lesser living expenses than most.
If you are looking for cheaper options, but you are brave enough, you can opt for economically depressed neighborhoods located deep in the city. After the housing crisis, many areas that quickly provided living spaces got readily populated by students and the workforce looking for cheap housing.
Make a budget
Experts believe in spending a minimum of 20% and a maximum of 35% of their income when it comes to housing.
But while you spend a particular amount of your income on housing, having a budget is also essential. In terms of affording your living space, a detailed budget is necessary. It will help you understand what you can and cannot afford and help make responsible decisions regarding comfortable living.
Maxwell Drever recommends that the best way to make a budget is to divide your post-tax income into different percentages depending on your needs and requirements. You must keep all things in mind, including food, utilities, loan payments, transportation, and savings and deposits for retirement. In general, living accommodations can become affordable if only 30% of your post-tax income goes into housing. If you spend more than that, affording other essentials can be otherwise difficult.
It may come as a surprise; however, you can find great deals through networking, which otherwise would become unattainable. It is best to let everyone know you need new living accommodation. Through this, you can find housing, and with recommendations, at a discounted rate! If you utilize word of mouth, it can also help you save on the expenses of the real estate agent or the broker. Affordable housing may seem like a daunting task, and it may even be. However, if you use a few creative ways, you can achieve comfortable workforce housing at affordable rates!