Affordable Housing: A Way for Women to Gain Financial Freedom
Politics, religion and money – three things we are told to avoid in conversation with others. While the rules surrounding the first two have begun to relax, discussing money is still considered taboo. And, this sense of taboo only increases when discussing women’s financial health.
Especially for women, understanding your finances – where your money goes and how to get the most out of it – is essential. Women are more likely to experience gender-based pay discrimination, lower wages and societal pressures that affects their earnings. Women are also more likely to have lower levels of financial knowledge, which can negatively affect their ability to achieve financial freedom and success. United Housing is committed to identifying these unique challenges and helping women overcome them, starting with affordable housing.
Housing is a basic human need, and therefore a vital part of any budget. As an essential expense, housing has the power to significantly impact one’s financial freedom and quality of life. Unfortunately in most cities, housing options within people’s budgets are often unavailable. In fact, 7.2 million more affordable housing units are needed in the U.S. to meet the needs of low-income families. This lack of affordable housing causes people to stay in living arrangements that don’t work for their family, or to overextend themselves and their budgets to pay for a place to live that does meet their needs. Studies show that there is no state or county where a renter working full-time at minimum wage can afford a two-bedroom apartment.
In addition to an overall lack of affordable housing units in the U.S., women often face unique circumstances that make the search even more difficult. In comparison to men, women are more likely to live as single parents, making it challenging to find housing that is large enough to accommodate children while still staying within budget. This also renders many single moms unable to live safely and comfortably in traditionally affordable spaces, like studio apartments. Along with being more likely to have children, women are also more likely to be victims of assault. That means they must take area safety into consideration when looking for housing. Meaning, housing within their budget may be available, but they are less likely to purchase or rent if it offers inadequate protection or is located in an unsafe area.
United Housing is here to help women, and all Memphians, overcome housing inequality and reach financial independence. Through our Homebuyer Education Courses and housing counseling, we work to provide our clients with the necessary tools and knowledge to gain or maintain financial wellness. If you want to work toward financial wellness or learn more about our work toward affordable housing for all Memphians, give us a call at 901-272-1122 today.