Economic Factors Leading to Homelessness

Causes of Homelessness

Homelessness has various economic causes, many of which are connected. To begin, in recent years, the cost of living has skyrocketed, as inflation remains a prominent issue. Since 1970, the minimum wage in the US has increased by almost 350%, but at the same time, the Consumer Price Index has also increased by over 480%. Even while working a job, it is extremely difficult to cover living expenses now, let alone a place to live. As it becomes increasingly challenging to cover living expenses, people struggle to save money and afford housing. One such necessity corresponds to high healthcare costs, as due to the struggles of affording the cost of living, necessary healthcare treatments are often neglected, including regular checkups and routines. Ultimately, this may lead to higher medical costs in the future, as one serious injury may cause families to lose their homes. Furthermore, a lack of affordable housing is also a major issue since rising rents and property values are outpacing the growth in income for many individuals and families. In a global survey from the Lincoln Institute of Land Policy, out of 200 surveyed cities, 90% were considered unaffordable. In the end, as the cost of living increases and houses become more expensive, homelessness becomes more of an issue.

Impact of Homelessness

Numerous people worldwide have been and continue to be affected by homelessness. In January 2014, the Nation Alliance to End Homelessness indicated that the United States had 578,424 homeless individuals. Beyond just the individuals who are homeless, communities and cultures as a whole are also impacted. Homelessness can result in an overwhelming cycle of poverty since homeless people find it increasingly difficult to gain access to vital resources and steady jobs. Homelessness is then continued through generations, as children who are homeless face obstacles in receiving education due to regular disruptions in their lives. Moreover, as emergency services, shelters, and medical facilities take on the responsibility of attending to the urgent needs of the homeless population, the pressure on public resources grows. Due to this, the overall community may see a decline in their social connections as people continue to be affected. As demand for resources grows, costs continue to increase, feeding into the cycle of poverty.

Addressing and Resolving Homelessness

There are many strategies to resolve homelessness, as well as initiatives that are already underway. Moreover, in order to maintain accessible housing for people of all income levels, people have already started raising funds and investing in rent control and affordable housing initiatives. In addition, government aid, such as healthcare and unemployment benefits, has also been reinforced in order to provide a better support system for those going through difficult financial times. These initiatives aim to create long-term stability for the homeless community and those in need. Furthermore, you can also contribute to this, as community involvement and awareness campaigns are essential to creating a supportive and inclusive environment that enables homeless people to reintegrate into society. In the end, you can make a difference and resolve the overarching issue of homelessness by being informed and promoting initiatives that fight to create a better economy. Homelessness is a significant issue that must be addressed.

References

Economic Causes Of Homelessness - 1565 Words | Cram. (n.d.). https://www.cram.com/essay/Causes-Of-Homelessness/PK4K7X9G6EE5

Soken-Huberty, E. (2020, July 28). 10 Root Causes of Homelessness. Human Rights Careers. https://www.humanrightscareers.com/issues/root-causes-of-homelessness

Solutions - National Alliance to End Homelessness. (2019, March 5). National Alliance to End Homelessness. https://endhomelessness.org/ending-homelessness/solutions/