A few years ago, the future of suburbs in the US seemed gloomy, primarily because of the financial crisis. During that period, many experts claimed that suburbs would become “the next slums”. However, things have changed dramatically since the outbreak of the novel coronavirus. People living in metropolitan areas are gradually moving away from the concrete jungle and settling in suburbs where there are more favourable living conditions. There is more open space, privacy, and affordability, making them more compelling places to live. With suburbs gathering pace in terms of economic growth and population, the future seems bright and vivid.
Homz, the first national housing company in the US, is grabbing that very opportunity by providing affordable, multifamily homes. These beautifully designed communities will address not only the country’s housing crisis but also create economic opportunities for suburbs aspiring to grow. With these novel wellness communities, Homz aspires to have a lasting positive impact and inspire other cities to take similar steps in their journey to growth.
Providing Turnkey Solutions to Cities Aspiring to Grow
When focusing on housing solutions, we at Homz bucketed cities into three: grown, growing, and aspiring to grow. While a lot has been said and done about the first two, very few things have been done to make cities aspiring to grow better. Cities aspiring to grow have their unique challenges: attracting private investment, employment, and overall economic stagnation. Here’s how we are pulling up socks to make cities aspiring to grow the nerve center of economic growth.
One of the key challenges, as mentioned earlier, is attracting substantial private investment. What 2008’s financial crisis has taught us is that when it comes to real estate investment, a lot depends on the region and neighbourhood-specific factors, which makes it difficult for suburbs to attract private capital. Thus, attracting economic investments in these regions is the first and foremost challenge. With our Homz communities, we are investing a substantial capital of $140-170 million per community. Furthermore, we are partnering to create hotels, convention centers, multi-use sports fields, and other amenities that will result in half a billion dollars of investment per community.
Employment in the suburbs is more of a corollary to the aspect of economic growth. They are intertwined, and thus, creating the most feasible, if not the best, employment opportunities for suburbs is crucial. We are partnering with local universities to develop 25 entrepreneurship ventures, churning employment opportunities for locals. Moreover, the substantial investment we are making in each community will create a ripple effect in those suburbs. Local restaurants, schools, recreational centers, etc., will thrive on these economic shifts. As the local economy grows, other businesses will start expanding their ventures in these suburbs, which will have a snowball effect.
The land is a limited commodity, and those who have it want to make the best use of it. Through our joint venture model, we are partnering with land owners across the country who have lived in those suburbs for their entire lives. They don’t want to see their land used as a concrete jungle. Instead, they want their lands to be used for something that will add value to their communities. By partnering with these land owners, we are creating wellness communities, which will provide the most beautiful and futuristic housing solutions to people.
Creating Public Value
We have put a great deal of thought into these communities during the planning and designing process. These beautifully designed communities are built-to-rent. And these communities will be rented for the next 20 years, creating public value for now and in the future.
An economic boost is necessary for cities that are aspiring to grow. The future cities in the US need to be planned and designed for people, having higher weightage for green streets, smart & healthy housing, intelligent mobility, and sustainable buildings.
Homz, through its wellness-centric, multifamily homes, will not only provide the housing solutions but will have a socio-economic impact, ensuring the lasting growth of communities. With Homz Communities, cities can witness a new chapter of future American suburbs that will provide the best quality of life.