When rent is affordable, there’s room for life’s surprises.
You can be one emergency or layoff away from being able to afford all your basic needs, and we don’t believe in having to choose any one necessity over another.
Affordable housing is the answer to future-proof living.
What is “affordable housing” anyway?
From a high-level perspective, housing is considered affordable if rent is 30% or less of your monthly household income.
However, 10.8 million renters pay more than 50% of their income on housing,1 and anyone who spends more than 30% on housing is considered to be cost-burdened.
The affordability crisis is increasing the number of cost-burdened renters year-over-year.
Is it an issue in my city?
Housing deficit is an issue in nearly every city and town in the U.S.
Full-time minimum wage workers can’t afford a two-bedroom rental anywhere in the U.S.2 In fact, they can’t afford a one-bedroom rental in 95% of U.S. counties, according to the National Low Income Housing Coalition’s annual “Out of Reach” 2020 report.
Who lives in Pedcor properties?
Everyone. Typically, people who are already living in your community.
Most of the time, people in need of affordable housing are your current cost-burdened neighbors who don’t want to move away from their community, job, or kids’ schools.
Our residents can range from college graduates with their first jobs, to single parents and retirees, to fixed-income and essential workers who have had a steady job for their entire career.
Affordable housing is essential to creating inclusive communities in today’s society, and we provide an equitable housing solution for the workforce across the country.
How will an affordable housing property affect local businesses?
Cities are placing emphasis on affordable housing developments to increase surrounding property value.
Like roads, schools, and fire stations, affordable housing is an essential piece of local infrastructure that enables communities to grow. Without it, businesses move toward other areas where their workers can live and prosper.
Do you have to make a certain income to live in affordable housing?
Pedcor properties serve all incomes.
Our properties are financed to ensure quality housing options for those that are serving their communities at various income levels, from very low-income households making 30% or less of the Area Median Income (AMI) up to 80% AMI, as well as Housing Choice Voucher recipients. If your income exceeds these limits, we also have market rate apartments options that provide the same high-quality Pedcor living experience (available at select locations).
Wages are low, housing costs are high — it’s as simple as that. If salaries are stagnant, the least we can do is provide a roof overhead at a fair price. We support those who live within their means, make smart savings choices, invest in and work for local businesses, and want the best for their children and grandchildren.
Is it a safe addition to my community?
We take great pride in our properties to ensure the safety and growth of the communities we move in to.
Our screening process for residents is no different than any other rental. We are also the long-term owners and managers of our properties—meaning we treat our apartments like homeowners treat their well-kept homes, and we do a good job at it.
Affordable housing even improves the health outcomes of your neighbors. When costs aren’t a burden, families are able to afford nutritious foods and healthcare visits.
1. Harvard JCHS State of Nations Housing 2019 2. CNBC
Affordable housing development is complicative and challenging and Pedcor does it right. Their focus on providing quality affordable housing while improving communities shines through from the minute you visit one of their properties.
– John Lisella, U.S. Bancorp Community Development Corporation