HYANNIS – The Cape Cod Commission is projecting that unemployment within the area will create a large impact on the affordability of housing.
Chief Planner Chloe Schaefer said that unemployment numbers during the coronavirus pandemic have reached new levels.
She said the issue of housing affordability for those making average wages throughout the region was already present before the emergence of COVID-19.
The Cape Cod Commission analyzed data regarding median home values and the typical compensation for workers within five of the top employment sectors throughout Cape Cod.
The research dove into the compensation of those in health care and social assistance, accommodation and food services, retail, education, and construction.
“Essentially, what we found is that for those top five industries, you would need more than one wage earner to be able to afford owning a house at that median home price for the Cape,” Schaefer said.
These takeaways were based on pre-coronavirus conditions, Schaefer stressed, and before many workers began receiving unemployment benefits. The pandemic, she added, has made the issue more severe.
“Fortunately, there’s been a slight dip from April to May in the unemployment rate, but it’s still at an unprecedented level,” she said.
Data from the Cape Cod Commission suggests that after pandemic assistance, it would take at least three wage earners in each of these fields receiving unemployment benefits totaling 50% of their average weekly wages to afford to own a home.
To learn more, visit the Cape Cod Commission’s website by clicking here.
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