Lack of safe, comfortable, and affordable housing is proving costly for the cities in the United States in many dramatic ways. According to Maxwell Drever, cities failing to step up with proper affordable workforce housing solutions are driving out residents, losing potential workers, and discouraging growth subsequently in their respective local economies. Studies have revealed that stable, affordable workforce housing can help improve educational outcomes, resulting in better income and employment opportunities. It culminates in promoting positive mental and physical health.
On the other hand, high housing prices end up retarding the progress of a local economy, leaving job vacancies unfilled and certainly less spending power for the community. When affordable workforce housing is easily available, people have access to more opportunities at all levels of income. More money seems to be readily available for community spending. You can witness long-term changes. Here are the top economic advantages of affordable housing.
Higher Amount of Money Could Be Spent in Local Communities
The most wonderful benefit of affordable workforce housing is a boost in discretionary spending. For most people, rent seems to be the most crucial and biggest expense each month. When loss of income jeopardizes your capacity to pay the rent, the possibility of spending any amount on anything else apart from spending on the basic requirements will adversely impact the local economy.
When people living in affordable workforce housing are capable of making their rent payments, more money is at their disposal to spend on local purchases. Residents can spend money on things that go beyond the fundamental necessities. They may now have easier access to quality healthcare, and they may end up spending more at the businesses close by.
Statistics reveal that about 108 million Americans reside in rental homes or apartments, and 1/4th of these people end up spending 50 percent of their monthly earnings on payments towards rent. It implies that millions of people seem to be one small unanticipated expense away from ending up losing their homes. These people are sacrificing by neglecting childcare, medicine, groceries, or education to ensure they have enough money to make the rent payments. The threat and fear of evictions have loomed forever for workers who made enough for paying their rent every month. Presently it is translating into a reality for several more individuals. All these repercussions will be having long-lasting effects on generations.
Evictions are naming to trigger a vicious cycle of uncertainty and instability for families. It ultimately has a ripple impact on the communities and adversely impacts the economic and social well-being of the community. That is chiefly why Maxwell Drever is in favor of affordable housing. It helps in preventing evictions.
Affordable Workforce Housing Helps Generate More Job Opportunities
Another tremendous economic impact of safe and affordable workforce housing is the amazing number of jobs generated. While the construction work is in progress and through long-term societal development and growth. Several long-term job opportunities are generating with affordable workforce housing, particularly in local economies. A healthy economy is bound to generate more jobs.
Affordable housing is for encouraging mobility that culminates. In the creation of more jobs and overall economic growth for the cities says Maxwell Drever. However, the long-term advantages of affordable workforce housing are profound and may bring about meaningful changes in society.