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Affordable Housing Ideas

By - 2005

How do you find affordable housing for you and your family? here are some ideas to help you out. Included in these are ways to make the home you already have cost less to live in.

Look in a Cheaper Town

Though often not considered by people, the next town over may have much more affordable housing. Sometimes this will be true whether you're renting or buying a home. And if it isn't too far, you can still commute to your job. Or, if the difference in cost is enough and you can find a similar employment, you might move hundreds of miles away.

Buy Cheaper Types of Housing

Generally there are many types of housing in an area. Some are definitely more affordable than others, so loo at what's available in apartments, seasonal rentals, mobile homes you can rent, mobile homes you can buy in a park, mobile homes you can buy on land, modular homes that look just like regular houses but sell for less, recreational vehicles in parks, rooms for rent, and homes that need work, to mention a few of the possibilities. List all your options and investigate to see what the costs are.

Look in Cheaper Neighborhoods

In some towns the same house can be half the price in one neighborhood versus another one. Sometimes you wouldn't want to live in the half-priced areas, of course. On the other hand, if it's more a matter of aesthetics than safety, this can be a temporary solution while you save money to upgrade eventually.

Make Your Home More Affordable

Create affordable housing right where you are. For example, if you own your home you can rent out any empty bedrooms. You might even build two bedrooms in a basement for very little investment so you can rent them out. I charged over $300 per month for rooms in a mobile home many years ago.

Sometimes you can do something similar even when renting if it's okay with the landlord. Rent out an extra bedroom in your apartment and cut your costs in half. If he doesn't like this idea, the landlord still may agree to two of you splitting the rent and both being on the lease.

You can also create more affordable housing by refinancing if your interest rate is higher than the current rates available. Often the savings are a lot, especially if you also only have fifteen or twenty years to pay on the current loan and the new one is a thirty-year loan.

Get Creative for Affordable Housing

A friend once lived in tent for half of the year so he could bank a big part of his paycheck each week. In the winter months he moved into a hotel room on the beach because these rooms were cheap seasonally (it was a summer resort town).

My wife and I once met three young guys living in a school bus parked for free in the desert in Arizona. It was walking distance to a hot spring for bathing, and they cooked some meals over a fire. That's affordable housing - and creative.

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Houses Under Fifty Thousand | Affordable Housing Ideas