What Is Affordable Workforce Housing?
Affordable Workforce housing comprises housing facilities catering to the needs of those earning less than the average income. The price of such housing in most cities does not exceed 30% of household income.
Maxwell Drever encourages investors to invest in this industry as he believes everyone has the right to live in safe and affordable housing. This industry would also benefit investors, as it provides above-average returns due to high demand and volume. Besides, this type of housing facility can be a real economic benefit to the American economy by improving the quality of life for those living in these inexpensive homes that don’t compromise on quality.
Pros and Cons of Affordable Workforce Housing
With affordability, these houses come with a few cons that need to be looked at before buying or renting affordable workforce housing.
Firstly, an obvious benefit is that these houses are affordable, which cuts down expenses and gives people an opportunity to spend on necessities like food and means of economic mobility like education. They also give people a safe environment that provides physical and mental protection. Many people who can’t afford market-rate houses start living in ghettos and slums, which adversely affects the economy and the mental health of the people living there.
We must consider a few disadvantages of such projects as well. While such projects make housing affordable, they tend to be built in the outskirts or remote areas of the city, making access to the center of the city difficult. Families living in these households would then have to spend more money on transportation. Therefore, buyers prefer central areas, even if they may have to compromise on the size of the property.
Why Is It Important to Have Affordable Workforce Housing?
Workforce housing is extremely important to cities and their residents. Here are some of the reasons:
It Provides Facilities
Families who live in these housings can now afford health care and food due to lower rents and the cost of housing. Other than that, it provides security and a safe place to live.
It Leads to Lower Stress Levels
Living in decent, affordable housing relieves stress for parents because they are less concerned about high housing costs, resulting in fewer physical and mental health problems. Children who grow up in stable households become successful adults, according to research.
It’s Critical for A Community’s Economic Growth
Housing opportunities attract a lot more employees to the city, which would be beneficial for the growth of local businesses. They would now have accessible and affordable places to live with their families; houses close to the workplace would result in a shorter commute and increased work-life balance.
The Final Note
Every person has the right to a safe housing facility where they and their families can live in peace. That is why it is critical to provide various affordable workforce housing options to the working class.