Workers like nurses, teachers, police, and many others who serve the community in various ways find it very hard to own a house because of the prohibitively high and rising cost of real estate in the US. The demand for well maintained and attractive homes that offer security and shelter for workers belonging to America's middle-class is continuously growing. Still, the gap between demand and affordability creates a hurdle for middle-class workers to buy homes. In this situation, real estate investors found enough opportunity for investment by creating affordable and safe housing for the workforce. Those investing in real estate grabbed the opportunity of doing good business while at the same time making housing more accessible to the middle-class workforce. It resulted in the emergence of a new sector within the real estate industry and known as workforce housing.
According to Maxwell Drever, the investments in the workforce housing sector had a touch of community service. It helped improve the lives of groups of low to median earning workers, many of whom hold jobs considered essential community jobs.
Betterment of the lives of these workers was a way of doing a service for the community at large by ensuring a better quality of life for workers and taking care of the community well being.
What constitutes workforce housing and who are the residents, explains Maxwell Drever
Workforce housing consists of B and C class of multifamily properties located mostly in cities with record-high employment prospects of solid job growth or near major employers. These properties typically consist of older properties duly remodeled and refurbished with better amenities to offer decent living. Despite being multifamily units, workforce housing residents can be individuals or families who hold important jobs in their community. From educators to emergency responders to assembly line workers and grocery clerks as well as nurses, police officers and, hospital support staff, anyone is eligible to own a home under the category of workforce housing.
Importance of workforce housing
Workforce housing helps real estate investors to fulfill their social obligation by building safe, attractive, and affordable homes for those who serve the community in various ways opines Maxwell Drever. The move helps communities to retain the workforce, vital employees. The workforce housing sector would remain important for times to come as the costs of single-family homes keep soaring. The developers engaged in the workforce housing sector do not stop by just selling the properties but continue to serve residents by providing access to resources and area organizations, thereby strengthening connections to the bigger community. The residents are encouraged to learn about the local libraries, parks, and health services.
The growing demand for workforce housing has eliminated the possibilities of older properties forming ugly sights due to disrepair. These undergo redevelopment to create new, attractive properties that include an important chunk of the real estate market. The redevelopment activities impact the local economy and push up the neighborhood's property values as the residents enjoy the benefits of living close to their workplaces. The reduced commutes enhance the quality of life.