© Wyoming Housing Partnership 2016
Workforce Housing Shortage A Wyoming Challenge
Challenge - Wyoming’s Workforce Housing Shortage:   Housing affordable to Wyoming’s workforce is in very short supply, and the need is projected to increase through at least 2040. 1. The January 2014 Cheyenne housing need Market Study by Property Dynamics reports that 1,337 new rental housing units are needed to meet      Cheyenne’s current need the Vacancy Rate of all rental units is 1.5%, and the Vacancy Rate of subsidized units is 2.7%.  Note that a 5% Vacancy Rate is considered low in a healthy rental environment. 2. The March 2013 Housing Needs Forecast prepared for the Wyoming Community Development Authority (Wyoming‘s Housing Finance Agency) reports that, depending upon Wyoming’s growth rate, the number of new rental housing units needed by 2040 to serve low income households  will range from 11,476 to 26,253; the number of new single family homeownership units needed by low income households over the same period will range from 14,819 to 24,416. 3. Successful homeownership (long-term sustainable homeownership) is improved 34% by completion of a homebuyer education course; renters considering homeownership have limited access to affordable homebuyer education and financial education. 4. 1,700 households are on the Cheyenne Housing Authority waiting list; these households will wait approximately one year to get a voucher.  Note: The Federal government and HUD are continuing to cut Section 8 voucher funding 5. Very few Wyoming nonprofit housing organizations have the capacity or willingness to develop permanently subsidized rental housing 6. Newspaper articles repeatedly report on the shortage of rental housing in Cheyenne and statewide Consequences of the lack of affordable workforce housing: 1. Economic growth is restricted or prevented due to the lack of housing for new citizens/employees 2. Existing business maintenance and growth is restricted because the housing shortage limits an employer’s inability to recruit and retain new employees 3. Employees in smaller communities commute long distances from housing they can afford to where they work.  In some cases, employees live out of state, and spend Wyoming wages out of state 4. Wyoming citizens either pay an excessively large portion of their income for housing, or live in substandard housing
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