The terms affordable housing and attainable housing often get combined to mean the same thing when discussing community housing needs, however they are, in fact, quite different. Given the range of housing needs for a community with a diverse population, it is important to consider both when working to develop policy updates and investment strategies to support the needs of any community. General definitions for each are outlined, below, however a key piece of this project is to define affordable and attainable housing as it relates to Lyons and what types of housing are appropriate to develop to support the Town's current and future needs.
Affordable housing is priced below the market value and typically requires no more than 30% of a household’s monthly income to buy.
Subsidies are provided, generally by the government, to lower the cost that occupants need to pay for affordable housing.
Some areas have waiting lists for affordable rental units, which are an option for people who can’t afford the market rent.
The market still dictates attainable home prices, but the options available allow buyers from a broader range of economic backgrounds to afford them.
Attainable housing is housing that is affordable to those earning the Area Median Income, meaning they need to spend no more than 30% of their income on their home.
The types of houses included in the category of attainable housing may consist of single-family dwellings, condos, and apartments.
