Currently, there’s a housing crisis, which is creating many problems for people who want to put down roots. Homebuyers, as well as renters, are concerned about the home prices that keep rising, making affordability one of the biggest issues. At a time like this, it’s our community’s workforce that is suffering the most.
Not being able to find a residence that is close to their work can be quite challenging as it demotivates people in a number of ways. For example, an employee who spends around 30 minutes to 1 hour in traffic will have to wake up early and get ready on time to make sure that they reach their workplace on the dot.
Now that housing options are limited, people are hunting for affordable houses despite having a decent salary. Even in households, where multiple people are working, the struggle to afford rent despite earning competitive wages is real. These people usually belong to our workforce, which includes teachers, firefighters, childcare specialists, and social workers.
According to the National Low Income Housing Coalition, there’s nowhere in the US where an employee working full-time and earning minimum wage can afford a 2-bedroom apartment and that too on rent.
Enter workforce housing.
This term refers to affordable rental housing that is steadily becoming available for households that earn 80% to 120% of their area’s median income (AMI). The majority of these housings are built on dilapidated hotels and turned into garden-style rentals that have fewer amenities. However, workforce housing offers higher-quality homes as compared to other alternatives.
Not to be confused with affordable housing, which is for people earning less than 80% of their (AMI), workforce housing by Maxwell Drever offers employees the opportunity to find their perfect home, as well as real estate investors the chance to boost the economy and earn a high profit in the process.
Most workforce employees are unable to secure a loan due to their low credit score or lack of credit history. As a result, they are not able to afford the house, fearing that the high-interest rate might become too much for them in the future.
The answer to this problem is a fixed interest rate so that employees know exactly what they will be paying. This presents employees with great opportunities to not only get a house that is close to their workplace but also reduce their other expenses such as bus or taxi fare and petrol for those who travel by personal conveyance.
Workforce housing also eases affordability concerns in the sense that since this scheme is about affordability, the rent is set at no more than 30% of a person’s income. This ensures that they have plenty left to not only cover personal expenses but also save some for the future.
For employers, workforce housing increases employee retention and makes employees more successful at work. This can lead to higher productivity, which is something that is appreciated by all employers.
Workforce housing projects such as those built by Maxwell Drever have one aim and that is to provide people earning less than an average income, beautifully built houses that have low rents.