Affordable housing, a transformative resource that can havea profound impact on the lives and careers of women in the skilled trades, is on the decline. While affordable housing is generally defined by the U.S. Department of Housing and Urban Development as housing that costs the occupant no more than 30% of their gross income, mortgage rates and rent prices have shown to far surpass that figure as of recent years – meaning “affordable” housing may no longer be quite as affordable. Due to this reason, many refer to the term instead as housing that is developed within the financial reach of low-income individuals.
For women pursuing careers in traditionally male-dominated industries such as construction, manufacturing, and engineering, access to safe and low-cost homes can be a catalyst for success – enabling their economic mobility and stability while they solidify their careers in these fields. With May being Affordable Housing Month, SBTC is taking the opportunity to review the state of affordable housing and bring awareness to the ways in which it can be especially beneficial for women who are beginning their trek into the skilled trades.
The State of Housing
From reaching the lowest mortgage rates ever recorded in 2021 (an average of 2.96%) to the current day (an average of 6.35%), the housing market has seen a considerable shakeup in recent years. Not only this, but home prices themselves have seen a sharp increase since 2020. As the median sell-price for homes soared from approximately $329,000 at the start of 2020 to nearly $480,000 by the end of 2022, gathering the means to purchase a home has become far more challenging. With higher mortgage rates and astronomical home prices continually making borrowing more expensive, home-ownership can be an extremely difficult goal to reach for lower-income families.
Additionally, rising rent prices have relentlessly strained individuals and families, particularly those with lower incomes. According to the Department of Housing and Urban Development, the average rent for a one-bedroom apartment in the Charlotte-Mecklenburg area, adjusted for inflation, has increased approximately 9.1% since 2020. This hike in pricing can lead to increased financial burdens, housing insecurity, and a greater reliance on affordable housing options.
When economic hardships and job losses increased throughout the COVID pandemic, it intensified the effect of the existing affordable housing shortage as the number of individuals struggling to sustain their income grew. Alongside this, the gap between wages and housing costs continues to widen, leaving many low-income households to face the burden of sky-high payments or inadequate lodging. Unfortunately, alongside these price fluctuations, the availability of designated affordable housing has dwindled in recent years due to rising construction costs, limited resources, and resistance from local communities.
Where The Burden Lands
According to the National Low Income Housing Coalition, 75% of families that live in public housing are female-led. Considering this staggering statistic, we see that the lack of affordable housing has a disproportionate impact on women for several reasons. Firstly, women tend to be overrepresented among low-wage workers and single-parent households, making them more susceptible to the burdens surrounding housing costs. Since the increased cost of lodging may consume a significant portion of a woman’s income, little funds are left for other essential needs such as healthcare, education, childcare, and savings. This financial strain can further perpetuate the cycle of poverty and endanger women’s economic stability while limiting their upward mobility.
Moreover, the lack of affordable housing often forces women into precarious living situations or inadequate housing conditions. Due to this shortage, women may find themselves in overcrowded or substandard accommodations, leading to increased risks to their safety, health, and mental well-being.
Overall, the lack of affordable housing heightens the vulnerabilities that many women already face, hindering their ability to thrive and limiting their choices and opportunities in life. By providing safe, stable, and economical housing options, women can experience improved fiscal security, better access to educational and employment opportunities, and a higher sense of autonomy over their lives.
Opportunity For Tradeswomen
Aside from the unique challenges that women face as a whole, for many women in the skilled trades, housing costs can be a major barrier to entering and staying in the workforce. When thinking of affordable housing in this context, it is clear that this resource plays a crucial role in empowering women in these fields.
By providing them with stability, security, and a solid foundation for their careers, affordable housing ensures that women have a safe and cost-effective place to call home – greatly reducing financial stress and allowing them to focus on their professional development. With this reduced stress and positive bump to their funds, women in the skilled trades have more opportunity for training and hands-on experience, allowing them to advance their careers far more efficiently.
Additionally, low-cost housing can enhance accessibility and proximity to job opportunities for women in the skilled trades. By living in developments located near job sites or industrial areas, women can minimize commuting time and costs, further reducing stress and financial burden. This increased proximity also allows them to take advantage of employment opportunities, quickly respond to assignments, and build a strong presence within their respective fields.
An Affordable Future
In the wake of a housing crisis, the need for affordable housing has become more critical than ever – especially for women who are seeking careers in the skilled trades. With the cost of homes rapidly increasing, women attempting to break into this male-dominated space often find that the burden of these inflated living expenses are an additional barrier to entry. By providing them with low payments, stable shelter, and improved job proximity, affordable housing can be just the resource that tradeswomen need in order to surpass that barrier, or even advance their existing careers to new heights.
Thankfully, with the Charlotte City Council recently voting to allot $23.6 million to affordable housing in the near future, the Queen City may see an increase in opportunities for many individuals, especially women, across the board. As new opportunities for low-cost housing are approved, constructed, and eventually turned into well-loved homes, we can maintain throughout Charlotte that it is United We Spark!
