They Got Low Mortgage Rates During the Pandemic. Now They Can’t Move. – The New York Times

Housing Market Dynamics and Sustainable Development Goals: A Case Study

Introduction: Financial Security vs. Housing Adequacy

A case study involving a couple who purchased a home on Long Island in early 2022 illustrates a complex interplay between economic stability and housing adequacy, directly impacting several Sustainable Development Goals (SDGs). While favorable market conditions during the pandemic enabled their entry into homeownership, subsequent life changes have highlighted challenges related to SDG 11 (Sustainable Cities and Communities), specifically the provision of adequate housing for growing families.

Economic Advancement and Alignment with SDGs

The couple’s home purchase during a period of low interest rates has positively contributed to several key development goals. Their situation demonstrates progress in the following areas:

• SDG 8: Decent Work and Economic Growth: The purchase was facilitated by new, stable employment for both individuals in the operations management and cybersecurity sectors, contributing to economic productivity.
• SDG 1: No Poverty: By securing a low, fixed-rate mortgage, the household established a stable monthly payment, enhancing financial predictability and resilience against poverty. This financial security allows for savings and discretionary spending.
• SDG 10: Reduced Inequalities: The market conditions provided an opportunity for millennials to enter the housing market, a critical step in asset accumulation and reducing intergenerational wealth inequality.

Challenges to Sustainable Community and Well-being Goals

Despite financial stability, the family’s current situation presents a significant challenge to achieving targets within SDG 11 (Sustainable Cities and Communities) and SDG 3 (Good Health and Well-being). The inability to move to a larger home due to current market conditions creates a “lock-in” effect that undermines the principle of adequate housing.

1. Initial Housing Acquisition: The couple initially secured a two-bedroom home that was adequate for their needs at the time of purchase.
2. Changing Household Needs: The family has since grown to include two children and a pet, rendering the initial property spatially inadequate for their current and future needs.
3. Impact on Well-being and SDG 11: The current housing no longer meets the criteria for “adequate” housing as defined under Target 11.1. This spatial constraint poses a risk to the family’s well-being (SDG 3) and highlights a market failure in providing adaptable and accessible housing solutions for evolving families within sustainable communities.

Analysis of Sustainable Development Goals in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 11: Sustainable Cities and Communities

  This goal is the most relevant as the article’s central theme revolves around housing challenges within a community (Long Island). It specifically addresses the difficulty a family faces in securing housing that is both affordable and adequate for their needs, which is a core component of sustainable urban development.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 11.1: By 2030, ensure access for all to adequate, safe and affordable housing and basic services.

  The article directly illustrates the challenges related to this target. The family’s situation highlights two key aspects:

  1. Adequate Housing: Their current two-bedroom home is becoming inadequate for their growing family, which includes “an 18-month-old and another baby on the way.” The article notes that “the house feels a lot smaller than it used to,” pointing to a lack of adequate space.
  2. Affordable Housing: While their current mortgage is manageable, the prospect of moving to a larger home is financially prohibitive due to changes in the housing market, specifically higher mortgage rates. This makes accessing a new, adequate home unaffordable. The article describes them as “financially grounded, yet physically stuck,” which perfectly captures the affordability barrier to accessing adequate housing.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Indicator 11.1.1: Proportion of urban population living in slums, informal settlements or inadequate housing.

  The article provides a qualitative example that relates to the “inadequate housing” component of this indicator. While it doesn’t provide a statistical “proportion,” it describes a specific household’s condition of living in housing that is no longer adequate for the family’s size and needs. The description of a family of four (soon to be) living in a two-bedroom house because they are “physically stuck” due to market conditions serves as a real-world illustration of what constitutes inadequate housing in this context. This narrative implies that even in developed areas, families can find themselves in housing that does not meet the standard of adequacy due to economic factors.

SDGs, Targets, and Indicators Summary

Source: nytimes.com