Many developing countries are investing in affordable workforce housing, and this development has now reached the United States. These are houses and apartments catering to the needs of those earning low to medium incomes.
The rent for these houses does not exceed 30% of the total household income, and families earning 60% to 120% of their area median income are eligible for it. Workers such as nurses, teachers, police officers, public employees, young professionals, workers in the construction trades, retail salespeople, office workers, and service workers tend to fall into this category.
The economic crisis and increase in inflation after the pandemic have made it difficult for middle-income earners and low-income groups to afford to house. Workforce housing aims to alleviate this situation.
This industry focuses on improving the lifestyle of these groups to enhance their professional and social well-being. Besides that, middle-class workers are contributing a lot to the growth of any economy. That is why it is the government’s job to make their lives easy and provide them with the opportunity to live close to their workplaces.
However, there is a shortage of affordable workforce housing in the United States, and that is why real state investors and developers like Maxwell Drever encourage investors to invest more into this industry. He currently has three developments in various stages of progress.
Benefits of Workforce Housing
Knowing the benefits of workforce housing would encourage more investors like Maxwell Drever to invest in these properties. Here is a list of benefits that all citizens and investors should know;
Higher Community Involvement
Families that now have the opportunity to live in stable and secure homes become more productive members of society. Due to shorter commute, employees would now be more productive at work, and this would reduce absenteeism.
Children would be able to focus on school better and study in a good environment. Research shows that children who grow up in stable homes participate positively in society as adults.
Those who are eligible to live in a workforce housing development can choose where they want to live. They can also refresh and stabilize neighborhoods where the quality of life has become sub-optimal.
People living in workforce housing can now travel to their workplaces within minutes rather than hours. Living conditions are one of the major reasons why people migrate to urban areas. Providing workers with workforce housing is beneficial for local businesses as it creates opportunities for employers to expand their businesses.
It Is Environmentally Friendly
Workers that can now live closer to their workplaces have to travel shorter distances. Traveling shorter distances means less fuel used and lower amounts of air pollution. This is beneficial for the environment and saves a lot of time for the workers as well. They can now spend more time with their families instead of getting stuck in traffic for hours.
The Final Note
Housing problems have increased in these last few years. Considering the benefits of affordable workforce housing, it becomes evident that governments and investors need to take an active interest in this project and provide housing to all workers who could positively contribute to society and the economy.