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Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com Lack of Affordable Housing Near Jobs Becomes Problem for Employers and Employees WASHINGTON, (PRNewswire-USNewswire), June 10, 2007 - Concern is apparent within the business community -- particularly among larger employers -- about the lack of affordable housing for employees, with companies reporting the shortage as being problematic in hiring and retaining entry- and mid-level workers, according to a new survey released by the Urban Land Institute (ULI). The same survey showed interest by moderate-income workers in moving closer to work if affordable housing were available. The survey, conducted between April 26, 2007 and May 1, 2007 by Harris Interactive(R), was taken to gauge perceptions by employers and commuters regarding the impact of long distances between housing and jobs on business operations and workers' quality of life. The employer portion polled employers from three groups -- those with less than 50 employees; those with 50 to 100 employees; and those with more than 100. More than 300 companies from across the United States responded. The largest companies consistently reported the greatest awareness of problems resulting from long commutes and an inadequate supply of affordable housing -- ranging from high employee stress to high employee turnover. Overall, companies in the West were the most likely to acknowledge insufficient affordable housing as being a problem. The consumer portion, covering more than 1,200 commuters nationwide, included those with commutes of less than 30 minutes, 30 to 60 minutes, 60 to 90 minutes and more than 90 minutes. On the whole, the survey found that the majority of employees will tolerate living farther away from work if housing is more affordable; but there were noticeable differences in opinion when measured by commute time, income and age. Those with the longest commutes were the most willing to change jobs for a shorter commute, and the most apt to move closer to their jobs if more affordable housing options were available. Those with incomes of less than $50,000 -- widely considered the "mainstream" workforce -- were significantly more likely to move closer to work if affordable housing were available than those with higher incomes. When measured by age, those aged 18-34 were the most likely to uproot and change jobs, likely reflecting fewer family obligations and fewer ties to their existing neighborhoods. ULI Senior Resident Fellow William H. Hudnut, III, discussed the survey results during a presentation June 2, 2007 at the National Association of Real Estate Editors annual real estate conference, held this year in Philadelphia. The responses, he said, indicate that larger employers understand the reality of moderately priced housing being scattered far from employment centers. And, while many consumers continue to equate success with being able to afford a larger home in outlying areas, he said the responses from moderate-income and younger workers show they are starting to "feel the pinch" of money and time spent commuting. "What we're seeing from employers and lower to moderate-income workers signals a need for more housing to be built closer to jobs," Hudnut said. Some highlights from the employer survey: Fifty-five percent of larger companies (those with 100-plus employees) reported a lack of affordable housing near their location. Sixty-seven percent of the larger companies that acknowledged a lack of affordable housing believe that it is having a negative impact on retaining qualified entry-level and mid-level employees. Fifty-eight percent of the larger companies that acknowledged a lack of affordable housing reported having lost employees at least in part to long commute times. Sixty-nine percent of the larger companies believe a long commute time increases employee stress; 63 percent believe it triggers negative emotion among employees; 48 percent said it causes more absenteeism; and 46 percent said it contributes to employee turnover/attrition. Thirty-six percent of the larger companies believe it is important to be actively involved in providing employee access to affordable housing. Awareness among larger companies regarding corporate and government housing programs remains relatively low (25 percent were aware of corporate programs and 34 percent were aware of government programs); but 42 percent of larger companies said they would participate in a government program. Forty-five percent of the larger companies offer flextime to reduce commuting time; 21 percent offer telecommuting. Some highlights from the consumer survey: Sixty-seven percent of those with annual household incomes of less than $50,000 would be at least somewhat likely to move closer to work if more affordable housing were available. Sixty-four percent of those earning less than $50,000 would be at least somewhat likely to make a lateral employment move in exchange for a shorter commute; compared to 60 percent earning more than $50,000. Seventy-six percent of those aged 18-34 would be at least somewhat likely to make a lateral employment move in exchange for a shorter commute; and 76 percent in that age group would be at least somewhat likely to move closer to work if affordable housing were available. Fifty-seven percent of all commuters surveyed said they would be at least somewhat likely to move closer to work if affordable housing were available. Eighty-five percent of respondents who commute more than 90 minutes daily said they would be at least somewhat likely to make a lateral job switch to cut their commute in half. Forty-seven percent who work in suburbs prefer to live closer to work even though it may mean higher housing prices and less disposable income; while 53 percent of suburban workers prefer to live in an area with affordable housing opportunities and more disposable income, even if it means living further away from work and having a longer commute. One notable finding in the consumer survey suggests "a lingering gap between perception and reality," Hudnut noted. Of all consumer respondents, 42 percent said they would prefer to live closer to work to shorten their commutes, even if it meant higher housing prices. Fifty-eight percent said they would prefer to live in an area with more affordable housing, even it meant a longer commute. "Many consumers who don't perceive living closer to work as desirable are likely not factoring in transportation costs as a rising expense, and are likely not aware that desirable housing close to jobs is even an option. The reality is that moderate-income housing can be developed near employment centers in a way that provides a high quality of life, offering proximity to both amenities and work," he said. Moreover, Hudnut said, the far-flung living environment many believe to be preferable is not sustainable, in terms of conserving land or energy. "Ever- increasing commutes are taking a heavy toll on our urban areas, from a social, economic, and environmental aspect. Something's got to give," he said. 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