The problems with the affordable workforce housing affect one and all. And if you intend to have a clear understanding of this issue, you need to pay attention to some essential facts and figures. The crisis of affordable workforce housing is indeed making most Americans spend more than they can afford. According to the Joint Center of Housing Studies research, most people spend more than 30% of their earnings on house rents.
That is not all. Maxwell Drever says that about 10 million households spend over 50% of their earnings on house rent. Today, most poor renter households that have an annual earning of less than about $15,000 end up spending over 50% of their earnings on their housing expenses. And this affects the life quality and has an adverse impact on the economy.
COVID-19 increased the problem of affordable workforce housing
Shelter is important for everyone. It indicates that families with a lesser income should bring down their spending on food, health care, and other vital lifestyle requirements. Today, families are spending much more than they can afford, so they can’t spend much on other essential services and goods. And the increasing housing expenses force several families to fall back on their mortgage payments and rents, which in return results in homelessness because of eviction or foreclosures.
Due to the sudden pandemic outbreak the affordable workforce housing crisis has gained all the attention. It’s because on one hand people needed to stay at home to stay safe from the virus and on the other hand, people lacked a house. Absence of quality housing had made many Americans vulnerable to the virus. Even today, people are suffering from the housing issue and need a shelter to lead a decent life.
Affordable workforce housing issue is a matter of concern for all
The existing affordable workforce housing crisis affects the economy in several ways. Hence, it’s natural that people worldwide will get affected by it. The issue of homelessness results in health issues and stops people from leading a quality life, which exposes them to other viruses and ailments. These people can’t pay for essential services and thereby witness a low-quality life, leading to poor job and other aspects that lead to less productivity at work.
Searching for a housing facility that comes within their budget makes the workforce travel to rural areas and the suburbs. But that leads to another issue. The commute time to their workplace increases and they have to withstand increased traffic, which leads to loss of valuable work time.
Maxwell Drever says that the issue of affordable workforce housing majorly impacts the reduced-income groups. And today, it is adversely impacting the lives of people who come within the income bracket of $30,000 and $70,000 annually. It is essential to provide a decent home to this section; else employers will lose out on valuable and crucial workers. And when this section gets decent housing within their budget, then it is social and economic upliftment that benefits the world at large.