The importance of Affordable Workforce Housing by Maxwell Drever

According to the National Association of Realtors, workforce housing is defined as housing that is affordable to employees and located close to their places of employment. Therefore, ownership plus rental housing that may be realistically affordable by a modest to middle-income, vital workforce, but that is placed in appropriate proximity to workforce centers are the most desirable options.

Workforce housing, as per National Real Estate Investor, provides households and family units earning more than 60% of area median household income (AMI) and up to 120% – 150% of AMI in the country’s most expensive metropolitan areas, including such San Francisco and New York City, but also serves families and households earning more than 60% of neighborhood median income (AMI) in the country’s most expensive metropolitan areas, such as San Francisco and New York City. Having the choice to live close towards where you work is vital particularly for those workers who were most important to the local economy.

Need of Workforce

In addition, even though there is a pressing need for cheaper workforce housing, the discourse about the shortage of affordable housing persists. Navigate is a firm believer in the concept of affordable housing for all. Many people believe in the importance of housing affordability. 

Housing choices that are within your budget increase the number of people who can find work

Because of a scarcity of cheap housing in metropolitan job hubs, many job searchers are forced to relocate to the suburbs and beyond. However, Maxwell Drever says that a long drive into the city may cause some households to look for closer employment options for their new houses. 64% of those who earn less than $50,000 said that they would consider PDF, a sideways employment transfer to reduce their commute time, while 60% of those earning more than $50,000 said they would feel the same.

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This misalignment between geographical employment clusters as well as potential worker populations creates a barrier to employment options. Because these outlying districts are not as well served by public transportation, this misalignment can increase congestion on interstate highways. In addition, long commutes hamper employee retention. According to a survey conducted by the National Business Group on Housing, employees cite long commute times as a factor for leaving their jobs at large corporations that lack local affordable housing options.

What needs to be considered?

The expenditures of employees’ housing are frequently overlooked by employers whenever the company is considering a relocation or expansion. Instead, employers throughout the country must educate themselves on the impact of a shortage of housing on their employees. In addition, employers must become familiar with initiatives that can enhance housing from across the income spectrum to attract and retain accurately. As per Maxwell Drever, employers in high-cost markets should merge lobbying with directly investing in affordable housing, which, in turn, is an investment inside the health and vitality of their employees. This investment can positively impact their bottom line, their workers’ bottom lines, and the local economy in general.