A housing unit can be a house, apartment, mobile home, or multiple rooms in a structure where a person or family lives, eats and sleeps. A housing unit can also be a single room in a group home for persons with chemical dependency, mental illness, or chronic health problems.
Affordable housing is often tied to a household’s income and offered through waiting lists or application lotteries. It can be subsidized in numerous ways, including giving tenants rent vouchers and helping homebuyers with down payments and tax credits. Click here to Learn More.
A house is a building that serves as a place of habitation for people or animals. It may be built of wood, stone, or brick and consists of rooms for living, eating, and sleeping, as well as storage space. Houses may be single family dwellings or multifamily structures such as townhouses or row houses. They may also be mobile homes or modular buildings permanently affixed to a foundation and assessed as real property.
Housing is a basic need and plays a key role in shaping the quality of life of individuals, families, and communities. A lack of adequate, affordable housing can have serious negative consequences on individuals and the nation as a whole. In addition to limiting a person’s ability to earn a living and achieve economic stability, a lack of affordable housing can contribute to social problems including crime and poverty.
The term house may also be used to refer to a group of related structures, such as an entire estate or a collection of buildings such as a homestead or farm. It can also be applied to the governing body of an institution, such as the House of Representatives or the European Parliament. A house may also serve as a symbol of wealth and prestige or express a particular political ideology.
In the United States, the term housing generally describes a structure used as separate living quarters for one or more families. It may be a single-family dwelling or an apartment, and it must meet HUD housing standards. These standards include minimum size requirements, sanitation and safety regulations, and the ability to heat and cool efficiently. In the United States, the term square footage is commonly used to describe the amount of living space in a house, but it excludes garage and non-living areas. In other countries, the term square meters is used to describe living space. In either case, the term may be further defined by other factors, such as number of stories or a basement.
Changes in Units
The net change in units is the number of new units minus the number of existing units lost. Units are the separate living quarters in a structure (such as a home, apartment, or condo building) that allow occupants to live, eat, and sleep in a distinct space from other residents of the same building. A new housing unit can be created through residential construction or by conversion of existing structures into multiple units. For example, a homeowner may convert an unused basement into a rental apartment, adding one new housing unit. The number of new units can also be reduced by the demolition of existing buildings or the relocation of occupants.
Changes in the supply of new housing units are driven primarily by underlying demand for new units, which is the sum of household formation and changes in headship rates, as well as by cyclical and financial conditions. Underlying demand is projected to continue increasing, though the pace of increase will slow from recent highs.
The number of new units that are built depends on a variety of factors, including the availability of financing and construction materials, and local population and economic trends. For example, a change in mortgage rates makes it harder for potential buyers to afford a new home, which can reduce the number of homes built for owner occupancy. Similarly, higher interest rates make it more difficult to finance the construction of new rental apartments, which can reduce the number of rental units built.
In addition, the cost of living in a given area can influence the demand for new units. For example, if people with lower incomes are unable to find affordable housing options nearby, they might move to a different neighborhood or commute further — which can affect the demand for rental units in the region. Changes in life expectancy also influence the demand for new units, as people who live longer have a greater likelihood of needing to move into assisted-living facilities or nursing homes.
In 2023, the City Council approved plans for new two- and three-bedroom apartment buildings in every community district, except the Upper East Side. However, a recent study found that the city had an extremely low vacancy rate, with only 1.4% of the available units vacant as of early 2018. This has contributed to skyrocketing rents and home prices in many neighborhoods.
Building Permits
Building permits are essentially official approvals that allow you to green light construction on your project. They also help ensure that your project adheres to local standards for a number of things, including construction, safety, fire resistance, electricity, and sewage and water. While the specifics vary by area, all permit processes are similar in that you have to submit detailed plans of your project and show that you are a qualified professional to oversee the work.
Most of the time, you will need a permit for any new construction, major alteration, or reconstruction projects. However, the rules differ by city, and some smaller projects can be done without a permit. The best way to know whether your project needs a permit is to check with the city or county before you start.
If you do your work without a permit, it is illegal and can lead to fines and other legal complications down the road. It is also difficult to sell your property or get insurance if it has unpermitted work. In addition, a lot of utilities won’t hook up to buildings that don’t have the proper permits.
There are several types of permits required for most construction projects in NYC. The most common are the New Building Permit (NB) and Alteration Permits (Alt-CO). Other types of permits include the Demolition Permit and Temporary Structures Permit.
When you file a permit application, the corresponding government agency will review your plans to ensure that they meet federal, state, and local regulations. They will look for things like zoning laws, land use standards, and construction ordinances. They will also check that the proposed project meets accessibility standards and other relevant guidelines.
Depending on the type of project, you may need to provide a detailed scope of work, drawings of existing and proposed conditions, a contractor’s licenses and insurances, and processing fees. If you are a condo or co-op owner, the submittal package will also need to go through the building’s architect and the board before being approved.
Most of the time, your contractor will arrange for—or, in contractors’ lingo, “pull”—the permit for you. This is a good idea, because the person who pulls the permit is the one responsible for making sure construction follows code.
Ownership
Homeownership provides a sense of permanence and offers the right to modify your dwelling as you wish. However, changes must comply with government, homeowner association and deed restrictions. It also protects you from eviction and creates a right to occupancy that can be inherited. In addition, homeowners enjoy tax benefits that are not available to renters.
Choosing the best ownership structure for your real estate needs involves evaluating legal, tax and estate planning considerations. A financial advisor can help you select the right ownership type to meet your objectives and safeguard your assets.
A fee simple home is owned by an individual or household and does not include a share of any common areas in a development. The responsibility for exterior maintenance is borne by the individual owner. This is often the case with condominiums, townhouses and other structures that are attached to each other with a shared lot line.
Tenancy by the entirety is a form of homeownership available to married couples. It grants the rights of a spouse to all property shares, regardless of the deceased’s share, and allows a surviving spouse to sell or transfer property without incurring any claims from creditors. It converts to a tenancy in common in the event of separation.
The term “back-to-back staircasing” refers to the ability of owners to purchase an additional percentage of their homes, known as “staircasing,” without having to pay market price. Housing associations offer this opportunity when new construction or existing homes are sold to buyers who can afford a larger share of the property. Purchasing additional shares of the same home can reduce mortgage payments and monthly fees. A housing association will usually require a buyer to sell their original share back to them within a set period of time, or the remaining portion will be sold on the open market. This feature is also referred to as a reverse equity mortgage. This type of loan is intended to lower the cost of home ownership for low- and moderate income hous
