Working Together to Bring Economical Housing to Camden City for Local Workforce and Residents
Quantifying the Critical Link Between Housing Supply and the Region’s Economic Prosperity
When workers can’t find housing they can afford, the entire community suffers. There is a call to attract business and young talented professionals and working families alike into the City of Camden to enhance the economic prosperity, however, without a sufficient supply of economical housing to all members of the workforce and growing members, particularly in neighborhoods that are well-connected to employment options, transportation, and other amenities, the regional economy will suffer and residents will pursue elsewhere for employment and growth.
The Link Between Housing and Regional Economic Growth
Economical housing is critically important to a City’s economic health and shared prosperity. With an insufficient supply of housing available to the surrounding workforce, community members will feel the pressures from higher rents and house pricing, and look to live outside of the City limits and commute into the office space instead of becoming an active member of the community.
Workers in higher-wage sectors, including the region’s professional and technical services industry, have more housing choices; however, even these workers will face affordability challenges if there is not a sufficient supply of housing at the right prices and rents in the right locations in the region. There is evidence that young workers around the country are beginning to move out of high-cost areas, especially as they look to start a family and buy a home. If Camden City wants to support the growing, younger talented workforce or existing families seeking employment in the City, they must learn to accommodate the growing demand by providing a housing market that is suitable for peoples of all incomes and homeownership options.
Working Together in the City to Provide Economical Suitable Housing for the New and Existing Workforce
Large industry, key-players, have settled in Camden to provide residents both in and around the City with employment opportunities, however, many of these employees travel great distances, providing traffic backlogs and longer commutes that affect the quality of employee life, because they are unable to find quality, economical, and suitable housing surrounding their place of work. Conversations have emerged in the City of Camden to work with large employers and housing organizations to open up the economical housing market and create a pathway to homeownership for employees seeking to build a lifestyle in Camden, with the help of their employer supporting their journey towards becoming a community stakeholder through homeownership. The collaboration, if it works, can be the beginning to a new life in Camden City, that accommodates individuals from all walks and backgrounds, in their endeavor to build, work, and engage in the surrounding Camden City community for a lifetime.