So..What is Affordable Housing?
In my 20’s I was attempting to rent an apartment for me and my new wife. So I began asking financial questions of the older people in my life. The major item on my mind was how much rent could I afford? (Today you could Google this but back then not so much) I received several answers but the one I landed on was make sure your rent is no more than one week’s pay or 25% of monthly income (ish). Looking back this was a pretty conservative approach, but it seemed to work for me! Our current business model is that a prospective tenant/customer needs to have 33% of monthly income available for the qualifying rent payment. This has been a proven model now for more than 20 years. And this is how affordability is decided in our world.
Google says, the median income in Greenville city is $48K and in the county $47K a year. So affordable housing using just these numbers would be around $1335 in rent per month! But if you dig deeper into the data you see that 43%+ of those counted have income under the median. So as you build your investment portfolio keep this in mind. Those earning over the median income may soon become homeowners! Those renting still need “affordable” housing!
We love what we do, if we can help you contact us! Please refer us! Thank you. We are honored and humbled by your trust.
Our social passion is to help others with our business and through our business.
Please help support your local church and these charities:
www.i3connections.org Assisting underfunded children and youth to enjoy summer camps and connect business with community.
www.homesofhope.org Great organization that is helping rebuild lives and community!
www.greenvillefreeclinic.org Filling the medical needs of the underfunded, a great cause and mission!