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All about Affordable Workforce Housing

Maxwell Drever has been passionate about real estate and the financial markets since he was very young. He grew up in a family where his father, a professional investor/trader, instilled in him the importance of financial discipline and understanding that there is always opportunity for growth if you know how to find it. Seeing first hand his father

What is Affordable Workforce Housing?

Affordable workforce housing is the key to enabling the residents of metropolitan areas, particularly young people and lower income families, to live closer to where they have access to their workplaces. The term “workforce” defines residents of a given area whose jobs are within that area.

Examples of jobs considered in this category include retail sales clerks, kitchen staff and maintenance staff, and many low-paid jobs in restaurants and hotels. This is critical as it can improve both the general population’s access to employment opportunities as well as decrease congestion on the roads as commuters are no longer traveling so far to work each day.

These workforce housing units must also be deemed affordable by those applying for them. To be considered affordable, workforce housing must be available to meet the needs of low-income households. The goal of affordability is for residents to pay no more than 30 percent of their income on housing.

Benefits of Affordable Workforce Housing

The first and most essential benefit of affordable workforce housing is that it allows employees to live close, or even within walking distance of their workplaces. This decreases traffic congestion as commuters do not have to travel as far each day. It also reduces car usage, which leads directly to a reduction in the amount of greenhouse gas emissions being pumped into our atmosphere each day.

By living closer to work, residents also have fewer expenses each month as there is less need for gas and car maintenance due to shorter commute times. This leaves more money in an individual’s budget which can be used for things such as groceries, utility bills and entertainment. In short, affordable workforce housing provides individuals with a better quality of life.

The benefits of affordable workforce housing are not exclusive to the residents either. Employers benefit from employing individuals closer to their jobs by saving money on gas and car maintenance costs. A happier, healthier work force is also more productive which results in better business for employers.

Affordable workforce housing is a necessity for the future of metropolitan areas, particularly when it comes to young people and families. By focusing on this issue, employers will have happy employees who are both healthier and more productive which results in better business.

The goal of affordability is to create communities where residents can pay no more than 30% of their income on housing. This allows individuals to save more money for other expenses such as food and utilities, which have a greater impact on one’s quality of life.