NOTEBOOK: Issue spotlight: Workforce housing
PERRY BEEMAN Sep 5, 2019 | 7:13 pm
1 min read time262 wordsBusiness Record Insider, Real Estate & Development, The Insider Notebook
At the Aug. 28 Capital Crossroads quarterly meeting, area leaders received a two-page snapshot of challenges with the housing market. Here’s a mixture of intrigue and alarm:
In the next 20 years:
– Our metro area is expected to add 150,954 net new jobs.
– 70% of new working households in the area will have incomes under $75,000.
Those folks will need housing, but:
– Polk County will need to add 57,170 net new housing units before 2038 just to house the new workers, not counting current housing shortages or nonworking households.
– We’ll need 23,577 new rental units in the same period.
– The market will need 33,592 new owner-occupied units.
– More than half of the demand for owner-occupied homes is for places priced below $175,000.
– More than 58,000 households in the area need more-affordable housing.
– Some 41,000 workers cannot afford to pay rent alone, even when they make more than 90% of other workers in their occupation.
– Workers in four of the top 10 occupations can’t afford the median rent in any part of the metro area on their own.
Downtown presents its own issues and context:
– Only 2% of downtown workers live downtown, but the number of people working and living downtown has risen 50% since 2012.
– 80% of downtown workers don’t have families living with them, compared with 40% across the metro.
– 92% of downtown households are in rentals.
– Nearly half of downtown dwellers are under age 34.
– More than 4,000 downtown employees earn less than $15,000.