Housing is a basic human need. It is a necessity to live in a safe and secure household. UN-Habitat defines housing as a unit with services and facilities that are needed for people to live, work and relax.
The growing population of people living with low household incomes is increasing the demand for low-income housing in most areas. However, there are numerous affordable housing options in Thunder Bay. As a result, people from all socioeconomic backgrounds are migrating to Thunder Bay.
Not only can people with lower incomes invest in homes, but they can also benefit from low-income housing.
Benefits of low-income housing
1. Support local communities
Most people’s largest and most important monthly expense is rent. When income loss threatens the ability to meet rent payments, the likelihood of spending money on anything other than basic necessities harms the local economy.
A friend of mine who used to work as a manager in Toronto moved to Thunder Bay due to skyrocketing housing prices. Since rent is a priority, an individual can nearly spend any money on other expenses.
Residents of Thunder Bay, on the other hand, are able to spend more on local purchases—going above and beyond the bare necessities to buy healthy food, having better access to healthcare, and spending more at local businesses.
2. Creates more job opportunities
Affordable housing is also associated with increased job opportunities. It is also worth noting that the location of many affordable housing communities allows the working population to live closer to jobs in the area rather than commuting long distances from where they work and live.
The increase in job opportunities can be seen as early as the construction phases and eventually leads to long-term societal growth. Building, preserving, and sustaining affordable housing necessitates a wide range of construction tradespeople, property managers, leasing agents, security personnel, and others — 161 local jobs on average in the first year.
Furthermore, because of low-income housing, many people from larger cities relocate to Thunderbay. This enables Thunder Bay’s small business owners to expand their operations and inspires others to start their own. Many international students are able to get jobs because of this.
Related: How is Thunder Bay city overall for an international student?
3. Access to better health
When faced with a high cost of living, households are frequently forced to cut corners in other areas. People who lack access to affordable housing frequently make the difficult choice to cut corners in areas that are harmful to their health. Those who live in Thunder Bay, on the other hand, have significantly more money to spend on food, education, childcare, and health care.
Affordable housing is an important tool for relieving the stress caused by excessive financial strain. One of the most significant effects is improved health among community members. This starts with more disposable income as a result of paying less rent. Similarly, reduced financial stress improves various aspects such as family cohesion, which is beneficial to both physical health and overall well-being.
According to research, those who move into affordable housing have a better life, and better health outcomes, and are less concerned about general stressors than those who do not move into affordable housing.
4. Community diversity
More affordable housing communities frequently enable communities to take the powerful step of diversifying. These communities frequently provide a place to call home for people from various cultural, socioeconomic, and educational backgrounds. Diversity within communities can foster mutual understanding between different groups, resulting in both fairness and cultural sensitivity. Finally, a diverse community allows its residents and neighbors to learn and grow from one another while also celebrating their differences.
5. Better opportunities for investing in the future
Another long-term economic advantage of affordable housing is the opportunity to reduce childhood poverty. One of these long-term approaches to fostering economic growth and healthier societies is to provide a better and more equitable path forward for children. Equipping children with tools for social mobility isn’t just a moral argument; it’s also been shown to boost community economic growth.
Everything else is built on the foundation of a stable, affordable home. It allows children to develop healthy habits while also focusing on their goals and education. This has a massive impact on educational achievement, and economic output, and creates opportunities for residents to give back to their communities across generations.
Is Thunder Bay a good place to live?
Thunder Bay has a low cost of living, which means that you will have more money in your pocket. – The city has great opportunities for employment, and there are many jobs available for people with different skillsets. – There are plenty of outdoor activities in Thunder Bay during the summer, from hiking to biking. – It is also easy to get around town because there are many buses that run throughout the day.
Thunder Bay has a lot to offer for people who are looking for a new home. The housing market is affordable, there is a diverse community, and it has an excellent healthcare system.