Project Neighbors' Affordable Rental Housing Initiative

Why does Project Neighbors rent? As homeownership becomes increasingly unaffordable, people turn to renting. In Valparaiso, 41.4% of households are renters and, according to the 2023 American Community Survey, 47% of Valparaiso renters are housing cost-burdened (housing expenses exceed the 30%-of-gross-income threshold). When housing costs consume an outsized portion of a household’s income, families are forced to make impossible choices—sacrificing essentials such as nutritious food, reliable transportation, healthcare, childcare, and education. Keeping housing affordable allows individuals and families to meet their basic needs, invest in their futures, and fully participate in their communities. It reduces stress, improves health outcomes, and creates a more stable foundation for children and adults alike.

Rentals offer stability and simplicity—two things many people seek when navigating housing. One of the biggest reasons people turn to rentals is predictability. With a rental, you're typically responsible for a fixed monthly rent, and in some cases, utilities and renters' insurance. 

In contrast, owning a home comes with a long list of variable and often unpredictable expenses:

• Monthly mortgage payments (which can fluctuate if you have an adjustable-rate mortgage)
• Homeowners' insurance (often significantly more expensive than renters insurance)
• Property taxes (which can increase annually)
• All utilities (including water, sewer, trash, electricity, gas, and sometimes HOA fees)
• Routine maintenance and repairs (from leaky faucets to roof replacements)
• Unexpected costs (such as emergency plumbing, appliance replacements, pest control, and landscaping)

For many, especially those on fixed or limited incomes, the affordability and consistency of rental living is not only more manageable—it’s essential.