HOUSING AFFORDABILITY AND AVAILABILITY

  • There’s not a single state, county, or metropolitan area in the entire United States where a full-time worker earning the federal minimum wage of $7.25 an hour can afford a modest 2-bedroom apartment. (CNN)

  • U.S. workers need to earn $22.10 an hour to afford a modest two-bedroom rental. That’s about three times the federal minimum wage.

  • On average, housing expense now consumes over 40% of family income. LEARN MORE

  • Median priced homes were unaffordable for people earning the average wage in 75% of U.S. counties LEARN MORE

  • “Unfortunately, home-price and rent growth above incomes — driven primarily by a severe shortage of housing supply — have been too high of a hurdle for many would-be buyers to clear.” (Sam Khater, Freddie Mac’s chief economist) LEARN MORE

WORKFORCE FACTS

  • Business’ number one problem is finding qualified workers.

https://www.cnbc.com/2018/07/05/private-payrolls-grow-by-177k-in-june-vs-190k-estimate.html

  • Economists expect that employers are going to have to start doing more to entice workers, likely through pay raises, training, and other creative incentives.

https://www.cnbc.com/2018/07/05/private-payrolls-grow-by-177k-in-june-vs-190k-estimate.html

  • In Compdata’s 2017 annual turnover report, voluntary turnover in the southeast was 13.5% which has been increasing from 9.1% in the past 5 years. 

  • The average cost to replace an employee with a $30,000 annual salary is about 20% of their annual salary.

https://www.cbsnews.com/news/how-much-does-it-cost-companies-to-lose-employees/

  • According to the U.S. Census Bureau, the average commute time to work is 25.4 minutes.

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