Lafayette affordable housing study

Abstract

ABSTRACT The greater Lafayette metropolitan area located in north-central Indiana is home to over 100,000 residents. It is an hour north of Indianapolis, Indiana, and roughly two and a half hours south of Chicago, Illinois. The area is home to Purdue University, the Wabash River, and numerous parks and nature areas. According to city officials, one of the biggest challenges facing the area involves getting low-income residents to plant permanent roots in their neighborhoods: fostering improved quality of life as well as community and economic growth in the process. Arguably the biggest obstacle preventing this from happening is the lack of affordable housing within Lafayette and West Lafayette. Housing that is deemed affordable refers to any housing arrangement costing no more than 30% of a given household’s monthly income. In conjunction with the city of Lafayette, our research group examined the livability of six different Lafayette neighborhoods (Lincoln, Hanna, Vinton, Monon, St. Lawrence McAllister, and Historic Jefferson) through the context of housing affordability. Whether or not someone can afford a home, reasonably commute to work, or earn enough money to support their families are all important criteria that determine how “livable” someone’s environment is: thereby contributing to how likely a person is to remain in a given area. To study this, random samples were collected from roughly 80 properties throughout the six neighborhoods. This information regarding the home’s value and the demographics of the owner(s) was initially found using databases such as Zillow.com and the Polk Directory. From here, six separate “affordability maps” were created in order to compare home value and net income/assets to create a large picture overview of how affordable a given neighborhood is. This data was then passed to the city of Lafayette to detail which neighborhoods are unrealistic for its inhabitants to live in. This information will serve to help city leaders make more informed choices to make these houses more affordable, improve the overall quality of life, and spur economic stability and growth.