Over the years, Florida has become more than just a popular vacation spot or retirement destination, but rather a rapidly growing state where people from all over the country are moving to work and raise their families. The growing business community in Florida only keeps getting stronger, making the region an appealing choice for business owners across various industries. While this growth is incredibly beneficial for Florida’s economic development, it also poses a serious question: where will the workforce live?
Unfortunately, there are many working-class people in Florida who have trouble finding affordable places to live near their workplaces. In fact, Florida is becoming the least affordable place in the live in the nation. In Sarasota and Manatee counties alone, there is a shortage of affordable housing for the workforce by more than 46,000 units. A study by MSA stated approximately 40% of the households in Sarasota and Manatee counties are cost-burdened, meaning the family is spending over 30% of their total annual salary on housing.
Ultimately, this is not sustainable and will only make it harder for these cities to grow. As a result, Florida businesses will find it more difficult to attract the talent they are looking for due to working and middle-class employees being left with no choice but to relocate to more affordable regions.
3 Ways Workforce Housing Benefits Florida Communities
1. Healthier People Equals a Healthier Economy
When a person’s home becomes unaffordable, it becomes harder for them to access other living essentials like healthy food and doctor visits. With safe, well-maintained workforce housing options available, tenants can achieve financial stability and are more likely able to afford healthier food options and regular medical care, making for a better and healthier local economy. One Stop Housing operates a property in Central Florida that has a telemedicine center on-property to better serve the local community. By introducing renovated, secured workforce housing properties throughout the state of Florida, One Stop Housing has witnessed a reduction in crime rates, as well.
2. More Money Spent in Local Communities
Residents who struggle to meet their rent payments each month typically have minimal spending outside of basic needs, ultimately slowing the local economy. With more affordable workforce housing communities available in their city, residents can confidently pay their rent and have more leftover to spend on local purchases. More money spent in local communities and nearby businesses is one of the best ways to boost economies.
3. An Increase in Employment Retention
Another considerable impact of workforce housing is how it benefits the employers in the area. In short, if Florida’s cost of living continues to skyrocket, the only workers who can afford to live here will be ones taking high-paying, executive-level jobs. Business owners that offer primarily entry-level or median-income jobs are struggling with employees having to vacate their position in order to relocate to a city where they can afford to live. Workforce housing is typically meant to fill the gaps between government housing system and a luxury housing market, to provide for workers who make a median income but not enough to afford much of the new home construction or luxury apartment developments that are so prevalent in Florida. With more affordable workforce housing options within their area, employers can depend on a more consistent workforce.
One Stop Housing Provides Workforce Housing Solutions in Florida and Memphis
All in all, providing adequate housing for our workforce is a key factor in Florida’s economic success and growing population. At One Stop Housing, our team believes in the importance of improving lives by building affordable workforce housing solutions. By investing in workforce housing, we can help ensure that essential workers in our communities have access to affordable, safe living environments. To learn more about our properties in Florida and Memphis, browse our website or call 941-586-4947.