The Current State of Affordable Workforce Housing in North Texas
According to a January article published on REBusinessOnline.com, home prices in North Texas were steadily rising, with median home prices in the DFW area pegged at “73 percent above the market’s pre-recession peak.” This uptick was intensified by the Covid-19 crisis which had prompted homeowners to pull out from the markets, thereby increasing competition.
It’s a hot market out there, but what does this all mean for such a struggling sector as affordable workforce housing? How will this sector be able to negotiate the economic fallout of the pandemic? More importantly, what opportunities are available to develop this crucial sector that many hard working Americans rely on?
For the succeeding weeks, we will be talking about affordable workforce housing, its current state and its future beyond the Covid-19 pandemic.
But first, let’s try to make sense of this situation by understanding a few key takeaways:
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According to Multi-Housing News last year, DHA CEO Troy Broussard noted a need for affordable housing in Dallas and the rest of North Texas, citing a 20,000-unit shortage. This is further exacerbated by the fact that median prices in the region are increasing.
It’s important to note that this trend came before the pandemic, with many speculators saying that the shortage will prevail for years. Zillow, for its part, expected the housing market to catch up with demand as employment numbers were soaring prior to 2020. Meanwhile, Pulsenomics sees home construction to remain at historic lows until 2022.
For sure, the breadth of this problem is difficult to overlook, especially now as the economic fallout from the Covid-19 crisis begins to unfold. But should investors, property owners, and renters be worried? From the looks of it, though, there could be enough reasons to feel optimistic.
Affordable housing against the tides
In light of the pandemic’s major effects on the American economy, affordable workforce housing is expected to thrive along with other sectors in the North Texas region. According to ATTOM Data Solutions, it seems as though Texas housing markets are weathering the challenges brought by the pandemic. In fact, Dallas County, Tarrant County and Collin County prove to be less susceptible to the pandemic’s impact.
This could bring some measure of positivity at the very least as a consortium of North Texas developers, community managers, and local government stakeholders have been looking to resolve the housing shortage since 2018.
Sure enough, the passage of the Comprehensive Housing Policy that year has initiated discussions and plans to make affordable housing readily accessible. And as people begin to experience hardship due to the pandemic. One important development to look at is the construction of a 205-unit apartment and workforce community in McKinney by the NRP Group, a Ohio-based developer which already has multiple projects across the DFW area.
The challenges to affordable workforce housing will not be permanent. It’s only a matter of being able to push forward by linking community stakeholders to each other and finding areas for collaboration.
There’s still a lot more we need to do and Arbrook Realty is actively participating in changing the housing landscape in favor of so many hard working citizens. If you would like to partner with us in this mission to bring affordable homes, please give us a call.