Posted on: 20 July 2018
The prices in the real estate industry continue to rise, making it difficult for some individuals to find affordable housing. If you generally struggle to make ends meet, but you need to find a place to live for one reason or another, this article will provide you with four tips that will help you locate affordable, low-income housing.
Tip #1: Evaluate Your Income and Expenses
Before you can actually begin searching for a house, you need to know how much of a house you can comfortably afford. There are many people who live paycheck-to-paycheck without even knowing how much they bring home versus how much they spend. This type of information is something that you need in order to qualify for low-income housing in your area, so it is important that you start here.
Create a list of all income sources in your household, then create a list of all of your household expenses, including utilities, groceries, and recreation. Calculate one-third of your monthly income, as this is an important number moving forward because the government says that this is the maximum amount that you should be paying for rent and utilities based on an affordable living situation.
Tip #2: Gather the Necessary Paperwork
Once you have your finances figured out, you need to gather all the paperwork that proves you make what you say you do. You will need to gather your tax returns from at least the previous two years as well as pay stubs from the last several months. If you have any other sources of income, make sure you have documentation that proves it.
Tip #3: Talk to the Local Housing Authority
If you aren't sure where to look for low-income housing, you can talk to the local housing authority. This government agency is one of the best resources in your community for low-income families who are looking for affordable housing. If you want to look online, their website has a search feature that will help you locate houses available in your area.
Tip #4: Reach Out to a Local Realtor/Management Company
Another idea is to talk to a local realtor or management company that specializes in subsidized or low-income housing. The local housing office may have numbers to these individuals or companies, or you can perform a simple internet search to help you identify them. Going this route may open you up to a wider selection of options than what a government agency may have available.Share