Issue link: https://townofcary.uberflip.com/i/791946
CHALLENGES AND OPPORTUNITIES 21 Housing to Support Economic Development Efforts Capturing Next-Generation Employees by Offering Next-Generation Housing Cary's business community is engaged in recrui ng high-qual- ity talent from across the globe. What employers are finding is that younger members of the workforce value work/life balance, environment and business culture, and a community's quality of life just as much as they do their salary. This live-work-play ethic requires that communi es think about how the built envi- ronment and community ameni es can support economic devel- opment efforts. Cary provides lifestyle choices, such as compact mixed-use communi es that can support true live, learn, work, shop, and play opportuni es within a short walk from home. Work Where You Live In 2010, nearly 25% of U.S. workers reported telecommu ng from home for some or all of their work. Today, 41.4% of Cary's workforce iden fies as working remotely. The growth of remote work was accelerated with the COVID-19 pandemic; however, technological advancements in cloud compu ng and communi- ca on tools, cost savings, and the way people do business, as well as work preferences, have also contributed to the growth. Another similar trend is the rise of live/work units that allow business owners to live above their shops or offices. Just as work- place environments are evolving, so are the housing preferences of many of our na on's workers and business owners. Supporting Housing Affordability Past planning efforts and housing studies have revealed that find- ing affordable housing in Cary is a challenge. Cary's investment in high-quality services and ameni es contributes to rising property values and creates wealth for the community but also can create challenges, par cularly for those earning at or below the area median income, young adults, and those with fixed incomes. Infla on, rising property taxes, and limited housing op ons may place burdens on residents. These challenges are par cularly acute in neighborhoods with older housing. Cary's growing senior popula on also faces affordability risks. For seniors to be able to age in place in quality housing op ons, they will need assistance to invest in home maintenance and keep up with incremental property tax increases. Cary iden fies households in need of affordable housing assis- tance according to calcula ons set out by the U.S. Department of Housing and Urban Development (HUD). Federal guidelines define affordable owner-occupied housing as being for individ- uals and families earning up to 80% of the area median income and affordable rental housing as being for individuals and families earning up to 60% of the area median income. These numbers are updated annually to reflect current area median incomes. Affordability means that a household spends 30% or less of its total income to pay for housing expenses. If a house- hold is paying more than this, it is considered "cost-burdened." If transporta on expenses are included, that threshold increases to 45% of a household's income. For example, affordable housing for a household earning $40,000 would ideally cost $1,000 or less monthly to pay for all housing expenses (mortgage, rent, u li- es, etc.). Affordable housing and transporta on for a household earning $40,000 would ideally cost $1,500 or less monthly for housing and transporta on expenses. With rising housing costs in Cary and the en re region, many households are severely housing cost-burdened, which can result in increased rates of short- and long-term housing instability. Cary has worked to increase the amount of affordable housing to promote economic, racial, and ethnic diversity while also enlarging the pool of workers for local employers, including gov- ernment and schools. Cary supports affordable housing ini a ves by providing funding to developers and nonprofit organiza ons to build affordable housing. As of 2023, Cary helped to develop nearly 800 units of affordable housing through the use of public funding, collabora ons with nonprofit organiza ons, and pub- lic-private partnerships. An addi onal nearly 500 affordable units are in progress and an cipated to be completed by 2027. The Mar n Corner is an innova ve mixed use redevelopment that provides neighborhood ameni es, commercial office space, and housing op ons under one roof near Nashville's center city Five Points retail district.