Your Path to Affordable Housing

Aerial view of condo and apartment buildings in downtown Seattle

Affordable housing is an important social and economic goal. The availability of affordable housing affects the economic success and well-being of individuals and families, the vibrancy and stability of communities, and the overall health of the nation’s economy. With the rising cost of living and housing costs edging ever higher, it’s becoming increasingly difficult for many individuals and families to find affordable housing options. But there are strategies individuals and families can use to find viable and affordable housing. In this article, we will discuss some of those strategies and provide actionable tips to help readers create their own path toward affordable housing.

Assess Your Financial Situation

The first step to finding affordable housing is to understand your financial situation and determine what’s within your budget. Make a detailed list of your income, including paychecks, government aid, disability, retirement funds, and other sources of revenue. Then make an itemized budget of your expected monthly expenses. Be sure to include rent, utilities, insurance, groceries, gas, and other regular monthly bills. By doing this, you will know exactly how much you can comfortably afford to spend on housing each month.

Look for Government Subsidized Housing

For those who qualify, government subsidized housing is often the most affordable option. Government subsidized housing typically receives government funding to help keep rent low, so residents can often live in better quality housing at a much lower cost. If you think you may qualify for subsidized housing, you will need to contact your local housing authority. They typically have application forms you can fill out, and they will determine if you meet the eligibility requirements.


Rent-to-own is a great option for individuals who want to eventually own a home, but may not have the full financing necessary for a purchase upfront. With rent-to-own, a renter pays a set amount each month for a specific period of time before having the option to purchase the home. This can be ideal for those who have some of the funds for a down payment but need time to accumulate the rest. Types of rent-to-own programs can vary, so be sure to carefully go through all the details and terms to make sure it is truly affordable and meets your individual needs.

Look for Low-Cost Housing

Low-cost housing is a great option for those who want to stretch their budgets and get more bang for their buck. Low-cost housing can often be found in multi-family properties, such as apartments or condominiums. Many of these properties provide amenities and features that more expensive housing options may not have, such as a pool and gym.

Consider Living Above Your Means

For those who may be willing to live a bit above their means, this can be an effective strategy to still obtain affordable housing. This may mean taking on a roommate or two, or making your space more communal. This can be a great way to reduce your housing costs and help you pocket some extra cash each month. Keep in mind, however, that there are many important considerations when it comes to having roommates; be sure to talk through the rules and expectations upfront with your chosen roommates, and make sure there is a written agreement in place.

Talk to Your Landlord

If you’re currently renting, you may be able to save money on your housing costs by negotiating with your landlord. Ask your landlord if they are willing to lower the rent in exchange for certain services or amenities. Examples could include painting or renovating, cleaning, or initiating energy efficient updates in the property. By doing so, you could both save money, and you could potentially create a more comfortable and efficient living space.

Find Leverage

You may be able to leverage your current situation to save on your housing costs. For example, if you have a job that requires a lot of travel, you may be able to reduce the cost of your housing by renting out space through Airbnb while you’re away. This can help to offset your housing costs, and could be an ideal solution for those with an irregular income.

Build Your Credit Score

Your credit score can be an important factor in determining your housing options. Not only will landlords likely use your credit score to assess your eligibility for a rental, but having a good credit score typically leads to lower rates on mortgages and other types of financing. If you have a lower credit score, there are several steps you can take to improve it, such as regularly making payments on time, cutting back on credit card spending, and using credit cards responsibly.

Final Thought

Finding affordable housing can be difficult, but with the right strategies and resources, it is possible. By assessing your financial situation and exploring affordable housing options, such as government subsidized housing and rent-to-own programs, you can begin to create your own path to affordable housing. If you’re already leasing, you may be able to find ways to save money on rent, such as leverage your current situation or negotiate with your landlord. And finally, it’s important to maintain a good credit score that could help you gain access to better financing options for homes. With the right knowledge and actionable tips, you can create your own path to affordable housing.