For middle-income earners, it is becoming challenging to afford renting or buying comfortable living accommodations, especially in neighborhoods of their workplace. This increasing difficulty is not just owing to the high living costs and less good wages to match up, but also a lack of cheap housing availability. To fight such a housing crisis, plenty of minimum and middle-wage earners have opted to relocate to less populated areas, resulting in more extended commuting periods for them. Further, this has also given rise to higher traffic and other negative consequences for surrounding regions.
Workforce housing as a term has exceeded in usage, as it correlates with affordable housing systems. But the term is defined as reasonable living accommodations for households that earn between 60-120% of AMI. Workforce housing is for those middle-wage earners with professions like firefighters, medical providers, teachers, police officers, etc.
Maxwell Drever narrates that workforce housing has roots within affordable housing. Thus, to better comprehend workforce housing, it is essential to know affordable housing. Over the years, the backdrop of reasonable living accommodations has evolved. Previously the system got pushed by keeping the supply sector in mind. The regional government built, rehabilitated, and maintained public living accommodations for low-wage earners. After the housing crisis, a significant demand got sensed for affordable living spaces. Thus, an approach was made keeping the demand side in mind. Authoritative systems now focus more on involving the private sector in developing affordable living spaces.
A shift became evident, where the private sector is now leading housing sectors led by the government for affordable housing. Now, instead of operating as a mission operator, the government supports the development led by the private sector through subsidies and vouchers.
Workforce Housing- the concept
The requirement for workforce housing emerged from the affordable housing system. The recession created a severe gap between demand and supply. An acute shortage in reasonable living conditions for middle-wage earners became evident. Since most affordable housing projects focused on wage earners that made at least 60% or lower AMI, middle-wage earners felt a lack of affordable housing, giving rise to the concept of workforce housing, explains Maxwell Drever.
Importance of workforce housing
Workforce housing is important because it fills a societal need through workforce housing. Safe homes got created while communities could attract potential and skilled employees. Workforce housing remains a crucial part of affordable housing systems as the accommodation costs keep soaring.
With the help of such a system, middle-income workers can live nearer to their jobs. It helps save for other living expenses by cutting on commuting expenses.
Workforce housing helps build a stronger community. It fulfills a critical need, by providing comfortable housing solutions to middle-income workers. Plenty of factors makes workforce housing compelling, as it is a strategic and intelligent move for investments and developments. Workforce housing needs serious deliberation to make the dream reality. People should consider the importance of the notion. Only when society understands its significance; a change will become evident. Without seriousness on the part of the people, the government cannot bring about a substantial difference.