Eight of 10 employees surveyed by the Workforce Housing Coalition of Sarasota County would expect problems buying a home today, and half cited “lack of housing I can afford” as the biggest challenge they face in purchasing a home. These are among the results of a survey conducted in June by the coalition and the Economic Development Corporation of Sarasota County (EDC). The Sarasota Association of REALTORS® participated in funding the project.
“More than 1,000 employees working for three of the area’s largest employers contributed their views on housing in this survey. The results indicate that the housing issue affects all demographic groups, regardless of age, income, position or current ownership status,” said Anne Merrill, an EDC board member and a volunteer serving on the coalition. “The results reinforce the coalition’s concerns about the impact of surging home prices on the everyday lives of people working in our community.”
The coalition, an association of business and community leaders, is developing strategies to provide affordable workforce housing in the region. “We have a regional workforce and real estate market,” said Kathy Baylis, EDC president and a member of the coalition. “Solutions require a regional approach.”
The coalition hosted a workforce housing summit in July, which was attended by more than 150 representatives of businesses, agencies, institutions and governments. Initial strategies discussed at the summit include a Community Housing Trust and employer-assisted housing. The coalition also plans to engage other organizations to coordinate private-sector efforts to address workforce housing, Baylis said.
Survey Method and Findings
The written survey was distributed to 6,000 employees at Sarasota Memorial Health Care System, PGT Industries and the Ritz-Carlton. The results, which are based on 1,224 completed questionnaires, were tabulated and analyzed by Market Insight, a Sarasota market research firm. The survey results and questionnaire can be viewed on-line at www.edcsarasotacounty.com. Highlights of the findings include:
· 79% of employees would expect problems buying a home today.
· 92% of those who said they are likely to purchase in the next two years expect problems.
· 50% of all employees said that the biggest challenge facing them in purchasing is “lack of housing that I can afford.”
· Employees in the upper income brackets ($50,000 and over) expressed even higher percentages of agreement with this statement.
· Nearly 60% agreed with the statement, “I feel that I will never be able to purchase a home in SarasotaCounty.” 76% of renters expressed this belief.
· 46% indicated “I am considering relocating to an area where I can afford to buy a home.” 65% of renters and 36% of current home owners agreed with that statement.
· More than one-third of employees stated they intend to purchase a home in the Sarasota area within the next two years. 62% of renters expressed this intent.
· 74% of employees who intend to purchase expect to pay less than $225,000 for their home.
· The housing issue affects all demographic groups surveyed, regardless of age, income, position or current ownership status. It is most pronounced among the younger, less affluent, less skilled employees who are currently renting and have been in the area the shortest length of time, and are therefore apparently more transient.
· 95% of employees drive their personal vehicle to work.
· Almost half (49%) said their commute is 20 minutes or less.
· Less than one-third (31%) would pay more for housing to shorten their commute. 40% of those likely to purchase in the next two years agreed with this statement.
About the Economic Development Corporation of SarasotaCounty
The EDC is the private, not-for-profit corporation that coordinates SarasotaCounty’s economic development strategy to add high-wage jobs and diversify the local economy. The EDC provides business assistance to companies in SarasotaCounty in partnership with chambers of commerce, local governments and other organizations throughout the county and the region. For more information, visit the web site at www.edcsarasotacounty.com.