Since the workforce housing community does not have fashionable amenities and other attractive packages, you may feel that they are not a vital part of the economy. However, you are mistaken. If you look at the generation of affordable workforce housing every year, the numbers will surprise you. Workforce housing units are structures built for renters with 60 to 120% of the area median income. In practice, these individuals belong to the modest income group and are the service providers. Teachers, police officers, nurses, firefighters, and emergency medical practitioners form the critical power of this group.
Although affordable workforce housing is such a critical part of the economy, there is a meager supply of these residential units in the community. If you gaze at reports, you will see that the number of individuals requiring affordable residential units is mounting in leaps and bounds. However, supply is nowhere near. There is a growing gap between the demand and supply of residential units because there is a lack of governmental initiative and public motivation.
- What can you do?
It is certainly understandable that real estate developers and apartment owners who have abundant revenues can help communities solve this issue of homelessness. You may quickly fix this problem by transforming multifamily firms and vacant properties into single-family units.
Along with this, Maxwell Drever of drever capital management describes various attractive investment choices for these individuals. Hence, they have to grab it and use it to the best possible means. Remember that real estate owners and private companies can come together to initiate the new constructions and repurposing of existing hotels into workforce housing units. It can go a long way and provide safe and stable shelter to the workforce population.
- Exploring new opportunities
Investment in affordable workforce housing is a promising avenue for real estate investors. Because operators and owners have only one aim: making a good profit, when you invest in these apartment constructions, they will provide you with a stable flow of income in no time. Along with this, it benefits the community at large. It creates job opportunities for the young lot and also stabilizes the economy. Hence, it can reduce the unemployment rate by 50% if more affordable housing units can get shaped every year.
Workforce housing is a safe and stable sector of the apartment business. The turnover each year is going higher and attracting investors to this avenue. It has resulted in an economic swing and has countered the recession slowly because of the worldwide pandemic.
- Decipher the challenges
Although a few challenges are associated with workforce housing, the industry is not devoid of potential. The recession has hit individuals very hard. A promising way of overcoming this problem is by grabbing this opportunity and investing in the construction of workforce communities. The lodging industry is not devoid of risks. However, proper planning and its due execution is the need of the hour.
Everything from renovation to construction requires employees, and thereby new people can get an influx into this sector. Hence, it is a promising avenue for every section of society.
Best Places to Buy an Affordable Home in Houston
It’s no secret that Houston has established itself as one of the largest cities in America. Today, nearly 2.3 million people live in this beautiful city. Houston is popular for its healthy job market, several incredible recreational spots, family-friendly neighborhoods, and so on.
If you plan on moving to this beautiful city, you ideally want to know where you can find an affordable neighborhood in Houston. Don’t panic! In this article, Maxwell Drever of drever capital management will talk about the four best places to buy an affordable home in Houston.
4 Best Places to Buy an Affordable Home in Houston
The following are the four best places to find an affordable home in Houston:
If safety and affordability are your top priority when it comes to buying a home, you should consider Midtown. This fantastic neighborhood is just a five-minute drive away from the downtown area. Midtown also features Houston’s best bars, restaurants, parks, and tourist spots.
With an average home purchase price of $230,220, Midtown is one of the most affordable places to buy a home in Houston. On top of that, this neighborhood is eighty percent safer than the city’s other neighborhoods, making it ideal for families to settle.
2. Spring Branch
If you’re looking for a neighborhood that provides serenity, look no further than Spring Branch. This place features top-notch ranch-style homes and top-rated schools such as Spring Woods High School. Spring Branch is also home to many outdoor amenities, from world-class restaurants to beautiful local parks.
The average home cost is $215,498 in Spring Branch and is nearly seventy percent safer than Houston’s other neighborhoods with a low crime rate.
3. East End
Also known as EaDo, this neighborhood is located east of the downtown area. East End is popular for its historic architecture and is considered one of Houston’s best places to live in. Moreover, this neighborhood is home to top-class, modern restaurants and high-profile universities like Texas Southern University and the University of Houston.
With an average home purchase price of $102,414, East End is one of the most affordable places to buy a home in Houston. However, it’s not as safe as some other Houston neighborhoods.
Due to its inviting atmosphere and eclectic vibe, Montrose is nicknamed “The Heart of Houston.” This neighborhood is one of Houston’s best places for families to settle. In addition, Montrose is renowned for its high-profile boutiques, mind-blowing street art, and world-class restaurants.
In addition, this neighborhood is home to a range of cottages, bungalows, and townhomes to choose from. The median home purchase price is $378,377 in Montrose, making it a go-to choice for many homeowners in Houston.
With a healthy job market, scenic outdoor spots, and a range of affordable neighborhoods, Houston is one of the best cities in America. This city is a hub to some of the best places to buy a home, from Montrose to Midtown. All these neighborhoods are unique in their own ways. If you plan on moving to Houston and are looking for a safe, affordable neighborhood. Also, if you found this article helpful, do let us know in the comments section.