Workforce housing has become a hot topic. Workforce housing, defined as housing for those who work and have low to moderate incomes, is in high demand.
In the past, it was thought that only low income families faced affordable housing obstacles. Based on the current economy, affordable housing issues affect many more. This includes those with moderate incomes, due to the rising cost of housing. The average price of a house in the Austin area is approximately $300K.
Things have changed in the housing industry and new trends are emerging. With new technology consumers can search for housing easier and younger people are moving to medium size cities where housing is more affordable. There are many new homes on the market, so there are more choices for buyers and credit is more readily available. Yet the cost of housing has become absorbent and many cannot afford a new home.
We recently started a homeownership program at the housing authority with the hope we could assist our program participants with purchasing a home. A few of our participants have been approved for loans, but are unable to find an affordable home. There is a desperate need for workforce housing everywhere.