The real estate industry is certainly changing and, we hope, for the better. The need for affordable housing especially for lower income families, as well as, people working in service industries has reached critical mass.

One proposed solution to creating affordable housing for service workers in North Carolina is Senate Bill 317 (S.B. 317) introduced in March 2023 [1]. This new bill aims to address workforce housing shortages in North Carolina by creating affordable housing for teachers, first responders, nurses and first-time home buyers. The bill offers an incentive for developers to bypass certain local regulations if the developer agrees to sell at least 20% of their homes to these service workers with salaries up to 120% of each county's average income [1].

The NC Housing Finance Agency (NC HFA) estimates that North Carolina needs 545,000 affordable homes for lower-income families, which is a shortage of 382,000 units for renters who can only afford to pay $700 or less in monthly rent [2]. Additionally, the National Low-Income Housing Coalition's Gap Report estimates that North Carolina has 347,275 extremely low-income renter households while only having 156,365 affordable and available rental units [2].

Addressing affordable housing for these service workers is critical to ensure their well-being and financial stability. It also supports retention of essential service workers in the community and can improve the quality of services provided.

Sources:

  1. https://www.carolinajournal.com/new-bill-aims-to-help-north-carolina-workers-afford-housing/
  2. https://www.osbm.nc.gov/affordablehousing-highlight/open

Our goal is to help educate owners with multiple properties on the advantages of entering the real estate market with long-term housing solutions for renters. With an excellent property management company on your team, we can make this a seamless and lucrative experience. 

 

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