The city I grew up in, Vancouver, was recently named the most expensive city in North America, surprisingly surpassing New York, San Francisco, and other major American centres, with housing costs 11 times more than the average household income. Affordability has pushed many, like myself, out of the city and into the suburbs.
Housing affordability issues are global and universal; WorldHaus, lead by founder and president Daniel Gross, manufactures affordable, eco-friendly modular kit houses for the rural poor and rural middle class families in developing economies that earn between $3 to $10 a day.
The basic WorldHaus home is a one-room, 220 sqft. house; customization of the weatherproof homes can range from increasing the size and changing its configuration, to including clean burning stoves, toilets and solar electricity systems. By taking advantage of local construction, costs for building a basic model home are cut in half to around $1500, and can be built in about 10 days.
With over 1.5 billion people, 500 million in India alone, living in substandard housing with no electricity and most without access to clean water, the Indian affordable housing market opportunity is estimated to be more than $250 billion. The challenge for WorldHaus however is the lack of financing available for the rural poor, making quality housing difficult to attain.
WorldHaus is in the process of partnering with NGOs, landlords and state governments to make their homes available through subsidies and rental programs to those earning less than $2 a day, and collaborating with microfinance and regional rural banks so homes can be purchased for monthly instalments of $20.
Thank you WorldHaus for making our world wonderful.
LET ME KNOW, REPLY BELOW: Which city do you live in? Would you consider it affordable?