Today, there has been ample discussion about workforce housing! In recent times, it has gained significant attention from housing policies, government agencies, and real estate communities. And the two main concerns about this segment is supply shortage and affordability.
According to the latest reports, middle and low-income households suffer from growth stagnancy. And hence, it becomes very challenging for them to come across a proper place for their shelter that comes within their earning. And since there are already restricted options, the situation has a chance to get worse.
Maxwell Drever says that every person needs a house. And if this basic need is not met for any reason, it can lead to several issues and other complexities in society.
Having a clear understanding of affordable workforce housing
Simply put, it falls between affordable and lavish housing! And even though the term affordable workforce housing can mean various things, it usually caters to households with 80% to 120% of the median income. And in certain places, such as New York City and San Francisco, the overall median earning can increase up to 150%.
One can trace the precise earning depending on the location of the family and the housing market. The American households earning less than 60% usually receive subsidies. There are lesser choices available for the increased levels as well. However, the maximizing rents and the stagnant wages can lead to problems in housing affordability for the delivery people, emergency service workers, police officers, assembly line workers, nurses, hospital support personnel, and teachers.
A place to stay amidst the pandemic
The pandemic outbreak has worsened the housing crisis. In fact, it has made several people homeless beyond their expectations. The pandemic outbreak affected the economy, which made people either lose out on their job or witness a reduction in their salary. It stops them from paying for their house rent. Hence, this workforce population are bereft of a house because they get mostly evicted. But if you really are in the face of being evicted, you can check out how to remove eviction from your house/lot.” And staying on the streets would increase their chances of contracting the virus in all probabilities.
Another section of people has moved to remote areas because of the pandemic outbreak. They will their existing income and saving could only procure a house in the suburban areas, that in most occasions is an unsafe space to stay and doesn’t allow a good living. Also, few of the workforce that have managed to retain their work, have to go a long way in their commute to reach their workplace. It takes ample time and money and also makes them pay more for the commute.
Hence, Maxwell Drever says that the investors, real estate agencies, governments, and other higher authorities must commence ample affordable housing development projects. That way, the workforce population will get a safe place to stay that will help them manage their lives better and add to their savings. That aside, it will ensure that they have an easy commute time and maintain a stable work-life balance, which is better for economic development.