What causes a shortage of workforce housing?
There are a number of factors that influence the demand for workforce housing in Wyoming, including:
– Strong economic growth and/or increased housing demand has pushed housing prices upward.
– Workforce wage increases have not kept pace with rising housing prices.
– Wages in service industries, entry level employment, and other essential industries are low
Who lives in workforce housing?
Residents of workforce housing mirror the mix of ages and life stages of their communities
– Single working adults, with or without dependents
– Young couples starting a family while relying on a single income, with or without dependents
– Retail and employees, food service employees, medical support staff, auto dealer support staff, entry level school teachers, entry level civil servants, bank tellers, and other workers essential to a healthy economy.
– Seniors living on a limited or fixed income
What community benefits are generated by workforce housing?
– Stronger labor force. A good supply of housing for all income groups helps a community retain jobs and retail stores, and helps business owners attract and retain good workers.
– Employees are able to live near employment centers, so are more able to report to work on time and have time to improve their job skills or get an education.
– Economic benefits. New construction and management of a property creates new employment and generates multiple ripple effects that strengthen the local economy.
– Stronger families. Workforce housing creates a more stable environment for children; children do better in school. Families are able to save for a home purchase down payment.