Housing

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Industrialization brought mass migration to cities. This one-room worker home from Helsinki from 1911 represents an attempt by the city government to improve the conditions of workers; for example, electricity and running water were installed in this row house. Worker home from 1911 in Helsinki.jpg
Industrialization brought mass migration to cities. This one-room worker home from Helsinki from 1911 represents an attempt by the city government to improve the conditions of workers; for example, electricity and running water were installed in this row house.

Housing is a shelter used as a dwelling orliving space by individuals, families, or a collective. It provides a space for preparing food, storing belongings, caring for children and the elderly, and maintaining privacy.

Contents

Housing was a central concern of social reform movements in the 19th century when it was understood as a fundamental human need, distinct from spaces designated for work, healthcare, and education. [1] In 1948, housing was recognized as a human right in Article 25 of the Universal Declaration of Human Rights, establishing housing as a necessary condition for an adequate standard of living. By the end of the 20th century, housing was increasingly understood as a space used for personal maintenance, rest, and leisure. [2]

From the 1950s to 1970s, the supply of adequate housing expanded globally due to public subsidies and the direct construction of publicly owned housing. Since the 1980s, home mortgages have become the most common means worldwide for individuals and families to access housing, while governments have shifted toward facilitation of the private mortgage market [3] The securitization of mortgage debt on a global scale since the early 2000s has further contributed to framing housing as investment property while the supply of adequate housing has continued to shrink. [4] [5]

Overview

Housing includes a wide range of sub-genres from apartments and houses to temporary shelters and emergency accommodations. [6] Access to safe, affordable, and stable housing is essential for a person to achieve optimal health, safety, and overall well-being. Housing affects economic, social, and cultural opportunities as it is directly linked to education, employment, healthcare, and social networks.[ citation needed ] In many countries, housing policies and programs have been developed to address housing issues related to affordability, quality, and availability.[ citation needed ] These programs and policies are referred to as housing authorities, also known as a housing ministry or housing department.

Generally, there are two types of housing, market housing and non-market housing. Market housing refers to housing that is bought and sold on the open market, with prices and rent determined by supply and demand.[ citation needed ] Market housing is owned by private individuals or corporations and consists of apartments, condominiums, private housing, etc.[ citation needed ] Non-market housing refers to housing that is provided and managed by the government or non-profit organizations.[ citation needed ] The goal of non-market housing is to provide affordable housing for individuals or families considered low-income.[ citation needed ] Non-market housing is subsidized, meaning that rent is lower than the market rate, and tenants may be eligible for rent assistance programs. [7] Non-market housing consists of public, social, and cooperative housing among others.

Macroeconomy and housing price

Housing prices are affected by the macroeconomy. [8] Research conducted in 2018 indicates that a 1% increase in the Consumer Price Index leads to a $3,559,715 increase in housing prices. As a result this raises the property price per square foot by $119.3387.[ citation needed ] Money Supply (M2) has a positive relationship with housing prices. A study conducted in Hong Kong reported that as M2 increased by one unit, housing prices rose by 0.0618.[ citation needed ] When there is a 1% increase in the best lending rate, housing prices drop between $18,237.26 and $28,681.17 in the HAC[ which? ] model.[ citation needed ] Mortgage repayments lead to a rise in the discount window base rate. A 1% rise in the rate leads to a $14,314.69 drop in housing prices, and an average selling price drop of $585,335.50.[ citation needed ] In the United States, when there is a 1% increase in the US real interest rate, the property prices decrease from $9302.845 to $4957.274, and sellable area drops by $4.955206 and $14.01284. When there is a 1% rise in overnight Hong Kong Interbank Offered Rate, the housing prices drop to about 3455.529, and the price per ft2 will drop by $187.3119. [9] [ need quotation to verify ]

Housing affordability index

These paragraphs are an excerpt from Housing affordability index.[ edit ]
A housing affordability index (HAI) is an index that measures housing affordability, usually the degree to which the median person or family in a particular country or region can afford housing/housing-related costs. [10] [11] [12]

Housing crisis

These paragraphs are an excerpt from Housing crisis.[ edit ]
An affordable housing crisis or housing crisis is either a widespread housing shortage in places where people want to live or a financial crisis in the housing market. Housing crises can contribute to homelessness and housing insecurity. They are difficult to address, because they are a complex "web of problems and dysfunctions" with many contributing factors, [13] but generally result from housing costs rising faster than household income. [14] [15] [16]

Health and housing

Housing is recognized as a social determinant of health. [17] While high-quality housing environments positively contribute to an individual's health, poor housing or a complete lack thereof leads to negative health effects. Lack of housing or poor-quality housing can negatively affect an individual's physical and mental health. Housing attributes that negatively affect physical health include dampness, mold, inadequate heating, and overcrowding. Mental health is also affected by inadequate heating, overcrowding, dampness, and mold, in addition to a lack of personal space. [18] Another factor that negatively impacts mental health is housing instability. [19] Negative health effects that impact children include potential exposure to asthma triggers or lead, and injuries caused by structural deficiencies (e.g. lack of window guards or radiator covers). [20]

Family members with poor health reduce debt to avoid risks. Data from the China House Finance Survey used a partial least squares structural equation model for results that indicated family member's poor health and individuals with uninsured endowment insurance have an adverse impact on housing debt and family assets. [21]

By region

See also

References

  1. ↑ Fijalkow, Yankel (7 March 2022). "The Notion of Housing Need in France: From Norms to Negotiations (19th–21st Centuries)". Urban Planning. 7 (1). doi: 10.17645/up.v7i1.4706 . ISSN   2183-7635.
  2. ↑ Barrie, Thomas (16 March 2017). "House and Home : Cultural Contexts, Ontological Roles". Taylor & Francis. doi:10.4324/9781315670232. ISBN   978-1-315-67023-2. Archived from the original on 19 June 2023.
  3. ↑ Kwak, Nancy (4 November 2015). A World of Homeowners: American Power and the Politics of Housing Aid. University of Chicago Press. ISBN   978-0-226-28235-0.
  4. ↑ "A Short History of Long-Term Mortgages | Economic History | Richmond Fed". www.richmondfed.org. Retrieved 12 September 2025.
  5. ↑ "Housing Supply: A Growing Deficit - Freddie Mac". www.freddiemac.com. Retrieved 12 September 2025.
  6. ↑ Gwendolyn Wright, Building the Dream: A Social History of Housing in America (MIT press, 1983)
  7. ↑ Haffner, Marietta E. A. (2009). Bridging the Gap Between Social and Market Rented Housing in Six European Countries?. IOS Press. pp. 4+. ISBN   978-1-60750-035-3.
  8. ↑ Dept, International Monetary Fund Research (22 December 2005). "Research Summaries: Housing Prices and Macroeconomics". IMF Research Bulletin. 2005 (4). doi:10.5089/9781451929980.026.A001 (inactive 1 July 2025).{{cite journal}}: CS1 maint: DOI inactive as of July 2025 (link)
  9. ↑ Li, R.Y.M. (2018). "Have Housing Prices Gone with the Smelly Wind? Big Data Analysis on Landfill in Hong Kong". Sustainability. 10 (2): 341. Bibcode:2018Sust...10..341L. doi: 10.3390/su10020341 . S2CID   158813714.
  10. ↑ National Association of Realtors (1 January 2022). "Housing Affordability Index (Fixed)". FRED, Federal Reserve Bank of St. Louis. Retrieved 6 April 2023.
  11. ↑ "Real estate market: Definitions, graphs and data". www.bankofcanada.ca. Retrieved 6 April 2023.
  12. ↑ Kenton, Will (30 September 2022). "Affordability Index". Investopedia. Retrieved 6 April 2023.
  13. ↑ Menendian, Stephen (30 November 2022). "Deconstructing the 'Housing Crisis'". Othering and Belonging Institute (UC Berkeley). Retrieved 30 December 2023.
  14. ↑ Potts, Deborah Helen (2020). Broken cities inside the global housing crisis. London: Zed books. ISBN   978-1-78699-054-9.
  15. ↑ Wetzstein, Steffen (1 November 2017). "The global urban housing affordability crisis" (PDF). Urban Studies. 54 (14): 3159–3177. doi:10.1177/0042098017711649. ISSN   0042-0980.
  16. ↑ "What has caused the global housing crisis - and how can we fix it?". World Economic Forum. Archived from the original on 23 January 2025. Retrieved 31 January 2025.
  17. ↑ Swope, Carolyn B.; Hernández, Diana (December 2012). "Housing as a determinant of health equity: A conceptual model". Social Science & Medicine. 243 112571. doi:10.1016/j.socscimed.2019.112571. ISSN   1873-5347. PMC   7146083 . PMID   31675514.
  18. ↑ Rolfe, Steve; Garnham, Lisa; Godwin, Jon; Anderson, Isobel; Seaman, Pete; Donaldson, Cam (2020). "Housing as a social determinant of health and wellbeing: Developing an empirically-informed realist theoretical framework". BMC Public Health. 20 (1): 1138. doi: 10.1186/s12889-020-09224-0 . PMC   7370492 . PMID   32689966.
  19. ↑ Li, Ang; Baker, Emma; Bentley, Rebecca (2022). "Understanding the mental health effects of instability in the private rental sector: A longitudinal analysis of a national cohort" . Social Science & Medicine. 296 114778. doi:10.1016/j.socscimed.2022.114778. PMID   35151148. S2CID   246614891.
  20. ↑ Dunn, James R. (2020). "Housing and Healthy Child Development: Known and Potential Impacts of Interventions". Annual Review of Public Health. 41: 381–396. doi: 10.1146/annurev-publhealth-040119-094050 . PMID   31874071.
  21. ↑ Chen, S. et al Health, Insurance, and Social Capital’s Impact on Housing Debt and Assets Using a Partial Least Squares Structural Equation Modeling Technique. Buildings 2024, 14, 3540. https://doi.org/10.3390/buildings14113540


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