Housing: Why Is It Important?

Abstract

A thorough understanding of the importance of housing, although not the direct focus of this book, is vital for understanding the complexities of the behaviour of all interested parties engaged in the housing market (such as the general population, governments at all levels, construction companies, materials suppliers, financial institutions, etc.) and through this, for comprehensive understanding of the fundamental forces that determine the level of housing affordability. It is commonly accepted that the well-being of both individuals and families is substantially affected when the need for satisfactory housing is not met. Access to adequate housing has long been viewed as a basic human right and is considered to be an integral factor for the enjoyment of other economic, social and cultural rights. According to the United Nations (UN) Committee on Economic, Social and Cultural Rights, satisfactory housing consists of: legal security of tenure; availability of accessible services, facilities and infrastructure; habitability; accessibility (e.g. access to employment, health services, schools, etc.); cultural adequacy; and affordability.