Cities are growing at an unprecedented rate, presenting an incredible opportunity for the development of local economies. However, it also comes with a spike in the housing price. Residents need good, affordable housing. A world in which only a few can afford housing is not sustainable. Everyone deserves a safe place to live. The federal Department of Housing and Urban Development (HUD) defines an “affordable dwelling” as one that a household can obtain for 30% or less of its income.
According to UN figures, only 13% of the world’s cities have affordable housing (UN HABITAT, 2016). In 2014, McKinsey estimated that 330 million urban households were living in substandard housing or were financially stretched by housing costs. Millennials across the world are spending more on housing than any previous generation, with a lower quality of life. The U.S. Department of Housing and Urban Development emphasizes
that the number of renters with “worst case housing needs” are unassisted, very low-income households paying more than half of their income for housing or living in substandard housing conditions.