real estate

The demand for attractive, well-maintained, and affordable houses is always high. The working class that forms the spine of the society comes from the rural sector into the urban sector for jobs. However, their limited wages and increase in expenses hold them away from owning a house. Hence, they want affordable dwellings near their job location. It has transpired in the increasing demand for affordable housing units. Workers are interested in a well-constructed and safe residential unit that feels like home.

The pressing problem is the short supply of the residential unit. However, it has created opportunities for real estate investors. These individuals associated with the real estate industry work with other organizations to cater to the low and medium-income group. The workforce population is the service provider to the community in different professions. They are teachers, police officers, nurses, and others. Hence, various groups have come forward to build communities to help the supply of affordable housing units. If you look at survey reports, you will see that around 60% of families fall under the workforce population. Hence, they require multifamily residential units in the industrial hub, which reduces their transport time and regular expenses. 

Who belongs to the workforce population? 

As illustrated earlier, the workforce population includes service providers. These individuals come from rural areas in search of a job. Since they cannot go for personal homes, they want affordable units that enable them to reach their job location on time. Hence, Maxwell Drever affirms that the working population cannot afford luxurious apartments. Their area median income falls between 80 to 120%. Therefore, they cannot pay more than 30% of their income on paying housing rents. 

Reasons that boost workforce housing

Workforce housing takes care of societal requirements. That is a creation of safe and well-maintained homes for the service providers. It is significant for every section of society to understand the pressing need of the economy. Remember that it is not only a problem of the workforce population but every section. Even the employers come within this ambit, discloses Maxwell Drever. The owners of the means of production do not get workers near the job location, hampering the industrial operation. Hence, it is not only a problem of the workforce population alone. 

Affordable workforce housing is a solution for every section. It serves both ways. It solves the problem for the workforce population and helps the property owners get regular revenues. Since new constructions are costly and time-consuming, various individuals are re-purposing their hotel rooms and vacant properties into residential units. They are investing in workforce housing projects. Hence, it is profitable for real estate investors and the workforce population. Along with this, governments of various nations have widely recognized the affordable workforce housing crisis. Hence, they have come forward with multiple policies and programs to provide an incentive to real estate investors and property owners. Thus, it is a combined effort of every section of society to give the best housing facilities. 

By Manali