Reasonable housing is getting harder and harder to come by for Hoosiers, according to a new research issued on Thursday by Prosperity Indiana and The National Low Income Housing Coalition.
A modest two-bedroom apartment here would set inhabitants of Indiana back $22 per hour, $3 more than they did a year ago.
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“We’re still seeing the cost of housing rise far faster than wages here in Indiana, despite an overall cooling of inflation and occasionally record low unemployment throughout the state and the nation,” stated Andrew Bradley, Senior Director of Policy and Strategy for Prosperity Indiana.
Less than two-thirds of Indiana’s top 20 jobs can now afford housing, compared to two years earlier, according to the Statewide Association for Economic Development.
Bradley stated, “There is a dearth of newly constructed housing aimed at the income groups that need it most, low and moderate incomes.” “We also believe that specific policies are needed to maintain the current housing supply.”
The standard is high to be able to buy housing across the whole state, particularly in major cities like Indianapolis.
The city claimed to make use of grant money and to provide incentives to developers so they would add affordable places.
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The amount of people who do not currently have housing and the vacancy rate of our existing apartment buildings are some of the indicators that we look at when we look at that need, according to Megan Vukusich, director of the Indianapolis Department of Metropolitan Development. “Our community definitely needs more affordable housing.”
The city also mentioned that in order to help residents afford the newly constructed homes, they work to provide high-paying employment to the area.
Bradley expressed concern that without Indiana’s federal, state, and local politicians collaborate and give housing a high priority, housing costs would likely continue to rise beyond what your renters can pay.
Eleven million dollars will be allocated to eight affordable housing projects by the Indiana Housing Community Development Authority and Lt. Governor Suzanne Crouch.
Currently, Indiana is the 34th least expensive state in the union.