08/02/2023

What is Workforce Housing?

Workforce housing residents comprise a substantial part of an economy’s essential services, with studies suggesting they represent 40% of the renter population. Avenue Living’s strategic focus on multi-family residential, and specifically the workforce housing demographic, anticipates the growth of this important segment of the population and their increasing demand for high-quality, affordable housing.

Starting in the 1970s as an experiment in American ski towns, workforce housing provides affordable and conveniently-located housing options for individuals and families who are part of the local workforce. These homes, like those first developed in Colorado as described in the video, are available for people who work in the region but may have difficulty affording market-rate housing due to lower incomes and consistently increasing housing costs.

Over the decades, workforce housing has expanded well beyond purpose-built communities across North America. Similar developments and buildings can be found in various communities, and they continue to meet the needs of workers who earn moderate to middle-income wages (approximately $15-$50 in Canada).

As a crucial part of a well-functioning community, workforce housing offers many benefits for residents and the communities they live in. It supports local economies, job creation, and employee development. It reduces commute times and contributes to housing affordability. In addition, a community rich with workforce housing can see benefits such as increased access to healthcare and education, while promoting diversity and inclusion, and a higher quality of life.

Watch the video to learn more about the history of workforce housing and why it’s the focus of our multi-family investment funds.

 

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at https://www.avenuelivingam.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them.




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