Workforce housing is a controversial topic at the moment. Despite all the benefits, most people are still skeptical about the programs. Negative stereotypes have surrounded workforce housing for a while, and people even believe that it can negatively impact society explains Maxwell Drever.
Misinformation – or the lack of information – is to blame for the skepticism. Not only is affordable housing beneficial to households with middle-income, but it can also actively benefit the economy.
Here are some ways workforce housing programs can boost local economies.
1. Local Communities See More Profit
Paying one’s rent is the most important expense for most people. The average millennial spends about 40 to 50% of their income on their rent. Almost everyone would be willing to let go of other expenses if it threatens their ability to meet their rental costs. However, when the rent becomes more affordable, people have the means to spend on other things. More often than not, this money is usually utilized to buy healthier food, get access to better healthcare, and spend more in a local business. As a result, the local economy experiences a noticeable boost.
2. The Population Becomes Healthier
Did you know that the stress a person experiences, when they don’t have stable housing, can lead to social determinant of health? A person’s mental as well as physical well-being is dependent on their living conditions. Not only does poverty limit a person’s options of spending money, but it is also linked to a range of health problems. Therefore, being provided with affordable and safe housing options can lead to better health for the population.
3. More Job Opportunities
A lot of people come to big cities for job opportunities. Unfortunately, a good number of these people fail to secure a job. This is not because of lack of qualification, but because of the limited housing options that don’t come under their budget. When people are provided with safe and affordable housing, they are more likely to opt for good job opportunities. As a result, the economy starts thriving in the long run.
4. Local Government Infrastructure Also Improves
With more people being able to afford good housing conditions, they are also able to pay property taxes. This money can then be utilized by the government to provide for its citizens. As a result, the increased revenue can improve infrastructure, increase the green space, and generally make the city a better place for residence.
As you can see, workforce housing is extremely beneficial for the local economies. And as local economies start improving, the collective results can lead to an overall better economy of the country.
If you want to invest in the workforce housing industry, but aren’t sure where to begin, follow Maxwell Drever for more information. He believes that workforce housing is one of the best ways to improve the country’s economy and is working actively to increase awareness about it.