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The Affordable Workforce Housing Crisis is Real and Affecting All – Explanation by Maxwell Drever

Currently, the United States is witnessing an acute crisis in the supply of affordable housing. And it’s impacting the Americans across the entire earning spectrum says Maxwell Drever. According to the National Low Income Housing Coalition, a renter who works close to 40 hours weekly and earns a minimum wage is able to afford a generic two-bedroom accommodation.

Additionally, according to Harvard research, most renters got cost-burdened, spending over 30% of their earnings on house rent. Additionally, few people in the high-income bracket in costly coastal regions also face issues with rent. Almost close to two-thirds of the renters share that they aren’t able to purchase a house. Also, it will be a challenge to save for the down payment since the home costs are increasing more than the wages.

Maxwell Drever says, that even as the global economy carries on to expand and the housing market is bouncing back from the Great Recession, most Americans are witnessing ample inequality. Hence, this is high time that there should be the availability of affordable workforce housing units.

The increased housing costs impact the traffic

One of the reasons for not developing a house is traffic. And for adding in increased residents in a place, it’s essential to manage the traffic. But there is proof that suggests the negative effect of the lack of houses on the traffic. And for the low-earning bracket, shifting away from their job place and residing in remote places heightens the issue. When they reside on the city edges, the everyday traveling allowances can add to the financial stress and cost. Most people want to stay near their office or place of work, to avoid traffic congestion.

The requirement of the workforce at various earning levels

Today, most employers need a workforce at multiple wage levels. The housing cost is an issue not just for the employer but also for the employee. That aside, the federal governments and local stores are also witnessing a similar problem. Both the public and private sectors depend on the workers who earn a medium income. And acquiring these workers in the correct time is challenging. Hence, here it is essential to have an affordable housing system.

It is the reason why most employers are keen on converting abandoned structures into low-cost housing spaces for accommodating workers of various categories. The housing issue also impacts affluent homeowners. It is necessary to offer low-cost housing units to the low-income workforce to ensure a better community.

The people who are cost-burdened purchase less

The customers’ expenditure on things is less if their economic activity fails to provide them with adequate resources. It is one more reason that impacts the local business and the regional economy. Therefore, the economy is considered a chain impact that includes various market space factors. The housing for such people has an important role in the affordability. It also maximizes the cash that they intend to spend on other things.

Last but not least, Maxwell Drever says that it is essential to know. That today there are multiple initiatives taken for providing affordable workforce housing. These are some initiatives taken by the government, some by the hotel owners. And others by the non-profits to alleviate the current housing crisis in the United States.

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