In today’s dynamic scenario, diversified investment portfolios are given top priority as they help to achieve maximum returns and minimize overall risks. Several investors are currently demonstrating their interest in going beyond well-diversified stock, as well as bond portfolios. They are opting for alternative investment vehicles like real estate. Numerous real estate investors often use their cash for buying, renovating, or flipping for sale, or managing as rentals. However, according to Maxwell Drever, in this particular asset class, the only deserving alternative that involves greater reward potential and far less physical work is passive real estate investment. Let us explore some of the chief reasons to opt for affordable workforce housing.
A Healthy Affair
Studies reveal that quality and safe affordable housing leads to many positive effects on the health and overall well-being of not only individuals but communities as a whole. Affordable workforce housing helps to
- Free up potential financial resources for nutritious food and proper healthcare.
- Provides residential stability.
- Allows families to take care of their everyday living
- Relieves stress and boosts mental health
- Facilitates ongoing delivery of perfect healthcare solutions
- Reduces health risks related to poor quality housing.
- Reduces exposure to all types of infectious diseases.
- Promoted community involvement and social networks.
- Foster tremendous self-esteem via homeownership.
- Boosting safety and security.
Make Way for Sustainable Communities – Maxwell Drever
Well-designed and decent affordable housing projects could have a considerable positive impact. On all the surrounding communities, especially in urban environments. Affordable workforce housing is instrumental in uplifting residents, motivating social connections and interactions. Reducing overcrowding, boosting adjacent property values, lowering crime rates, and attracting jobs & businesses.
Designers, developers, community advocates, and housing organizations may work hand in hand to generate vibrant communities revolving around affordable housing projects. Architects are capable of designing projects that are best for supporting the overall social, physical, and mental well-being of the residents while they provide innovative solutions for all the potential and existing issues.
Affordable Workforce Housing Works Hardest
Affordable workforce housing is surely the unsung hero. Also, Affordable workforce housing may be define as the type of housing affordable to the moderate or middle-income bracket people, critical workforce, and situated near the workplace. It is because of a combination of factors, including:
- Ever-increasing home prices: More and more people especially, those with lower and median income, are interested in affordable housing solutions.
- Extremely Sluggish Wage Boosts: Several millennials are burdened with overpowering debts and stagnant salaries, hence, do not have the affordability to shift out of parental accommodation, but when they do, affordable workforce housing proves to be their best choice.
- Shortage of Affordable Workforce Housing: There has always been a major undersupply or shortfall in workforce housing.
- Higher Cap Rate: Home buyers can usually get these workforce properties at a relatively higher return rate.
Conclusion
Maxwell Drever feels that a proactive step a city could take for motivating Workforce Housing development on a larger scale is to initiate the conversation effectively within their communities. Moreover, It will go a long way in raising awareness. There are various myths and misconceptions about affordable workforce housing. It is the responsibility of the local government to debunk those misconceptions to ensure that communities support all affordable workforce housing initiatives in the future.