By Jess Fuller, Senior Director of Economic Impact
Healthcare is ranked No. 2 as a top industry in Jefferson and Adams Counties according to labor market data, yet housing affordability in Denver Metro areas like Wheat Ridge—where Intermountain Health Lutheran Hospital is located—is creating serious challenges for both healthcare employers and employees.
For Lutheran’s nearly 1,700 employees, 50% of which are middle-income earners making between $55,000–$155,000/yr (or 60–120% of Area Median Income), the shortage of affordable housing options means many staff face long commutes, the difficult choice of living with multiple roommates or staying with parents well into adulthood.
Intermountain Health’s Human Resources Director, April Ross, shares that many young people trying to launch their careers are living with 4-6 roommates who also can’t afford housing. One employee expressed feelings of discouragement and depression over there being little options to live independently as a maturing and educated adult.
On the business side, this lack of local, attainable housing is directly resulting in excessive turnover—especially in entry-level roles—making it harder to retain staff and causing productivity losses, sometimes leaving positions unfilled for three years.
The lack of housing supply for middle-income earners is impacting businesses across the board–from small business owners to large companies that make up the top industries in our area.
We often talk about income-aligned housing being a strategy for attracting and retaining qualified talent in our communities because it allows people to live near where they work. In addition, this story highlights that having adequate supply of income-aligned housing also builds the infrastructure to retain our young professionals, specifically. If they can realize their dreams to live independently, put down roots and have a space they can call their own, they’re more likely to stay in our community.
Stay up-to-date with the Chamber’s housing resources and data by joining the Housing Network at arvadachamber.org/networks.
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