When people hear the term achievable housing, it can bring to mind a lot of misconceptions and fears. However, achievable housing is an asset to many communities. The first step in dispelling these misconceptions is to understand not just what achievable housing is, but what it looks like.

It looks like a single-family home in a bustling, vibrant neighborhood. It looks like an elegant townhouse in the heart of downtown. It looks like a bungalow that’s just the right size for a young professional or a retiree. Achievable housing can take many different forms; what it is not, however, is poorly constructed, run-down, stripped of features and amenities, isolated, or located in less desirable locations. Instead, it is quality housing that is, attainable, and accessible for tens of thousands of Hoosiers.

Affordable vs. Achievable Housing

Affordable housing is not the same as achievable housing, though both are designed to help more folks secure living spaces. According to the Department of Housing and Urban Development (HUD), affordable housing is one that is available for 30% or less of a household’s incomes. For someone who earns $54,000 a year (the median household income in Indiana), this would be $1,350 per month or less.

Affordable housing is intended for households that are considered “low income” – which means they earn less than 80% of the median income (in Indiana, this is about $43,200). “Affordable” dwellings are those that cost less than 24% of the median income.

Achievable housing is intended for the “missing middle,” as some experts call those who make more than 80% of the median income but who are still priced out of the traditional housing market. It is non-subsidized housing that is affordable for those with incomes between 80 – 120% of the median income, or between $43,200 – $64,800. It is worth repeating that this is not stripped down, low quality housing. Achievable housing prioritizes quality, as well as location in desirable areas.

Types of Achievable Housing

Let’s look at some exciting types of achievable housing:

  • Single family homes on smaller lots in higher density neighborhoods
  • Duplexes and Townhouses
  • Courtyard or Bungalow Style Communities

Multifamily Housing

In addition to high-quality construction and finishings, achievable homes are often located in advantageous areas. For example, a beautiful townhouse or single-family unit in a higher density neighborhood allows people to cut their commutes to work and services (or even eliminate them altogether because of great walkability). This is incredibly appealing to families, professionals, millennials, retirees… and well, everyone!

What’s more, achievable housing helps build stronger, more diverse, and more economically sound neighborhoods. Everyone benefits when more Hoosiers can put down roots and contribute to the community.

Achievable housing is intended for the “missing middle,” as some experts call those who make more than 80% of the median income but who are still priced out of the traditional housing market.

Build Indiana Roots

Increasing housing costs are impacting our communities. When people are not able to put down roots, we all struggle to thrive. To learn more about achievable housing and implementing fair, balanced housing policies, connect with us today. No one should be priced out of their dream of homeownership.