Myth 1. Affordability only concerns housing. What is affordable, you might ask? Experts define affordability as households spending less than 45 per cent of their total budget on housing and transportation, the two largest costs for most families. This recognizes that a cheap house is not truly affordable if in an isolated area with high transportation costs, and households can rationally spend more for a home in a walkable urban neighbourhood where vehicle expenses are low. The Capital Regional District’s recent Housing and Transportation Cost Estimate Study confirmed that central neighbourhoods are most affordable overall. In addition to financial savings, living in a walkable neighbourhood improves residents’ health and reduces pollution emissions.
All I want for Christmas, Hanukkah, Kwanzaa is affordable housing in walkable neighbourhood timescolonist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timescolonist.com Daily Mail and Mail on Sunday newspapers.