Traditionally, summer is considered a popular time to purchase a new home, however, rising housing costs and a shortage of workforce housing have been affecting many across the state.

Recent data released by the Wisconsin Realtor's Association show that the median price on homes rose to $304,000 in June of 2023, an 8.6% increase over the last year. This is the first time the statewide monthly median price has exceeded $300,000.

For many, owning a home has always been a part of the American dream. Teachers, nurses, police officers, firefighters, and EMS personnel, among other professionals, that work hard and save their money should be able to have the opportunity to pursue a realistic goal of homeownership.

Unfortunately, statewide housing inventory levels are at historic lows, and median home prices continue to rise, often pricing out young working couples who want to buy a home and start a family. Local businesses are struggling to find workers and high housing costs only make recruiting employees more difficult. This session Republican Legislators introduced a number of housing bills to combat the housing shortage we are seeing throughout the state.

Republican legislators allocated $525 million for housing initiatives, primarily in revolving loan dollars from one-time surplus funds, aiming to avoid expanding government and incurring additional bottom-line spending hikes. These funds will increase access and affordability of housing statewide by implementing zoning and regulatory reforms that streamline housing construction. These measures will make it easier to provide workforce housing options and expand availability across the state.

Upgrading Aging Housing:
57% of Wisconsin’s existing housing stock was built prior to 1980, and 43% was built prior to 1960. We invested $50 million for workforce housing rehabilitation, intended to help existing homeowners stay in their homes through a program to rehab housing stock, such as removal of lead paint and asbestos, or repair flooring, walls/ceilings, and plumbing systems.

Expediting Residential Housing Development:
Employers are often unable to successfully recruit new employees to fill job openings because affordable and attractive housing options are unavailable. The Republican legislature invested $275 million in residential housing infrastructure revolving loans to help increase the supply of workforce housing. This fund will help residential housing developers cover costs associated with installing, replacing, upgrading, or improving public infrastructure that is for workforce housing or senior housing projects. Giving a chance for Wisconsin employers to compete in the global marketplace benefiting communities across the state.

Rehabilitating Main Street:
It’s not uncommon for commercial buildings located downtown to have spaces for rent on the floors above the main floor. Republicans have invested $100 million to give no-interest revolving loans for renovations to these spaces. These funds will help cover costs to maintain or restore safe housing.

Transitioning Underutilized Property to Residential:
Every community possesses vacant and blighted commercial properties. We invested $100 million for the commercial-to-housing conversion revolving loans to help transform these properties from vacant spaces into livable spaces for the workforce and senior housing.

Governor Evers signed the housing package into law in late June. These new laws will be a shot of adrenaline to encourage not only new construction but also the rehabilitation or conversion of existing properties. I’m confident that these investments will help increase our availability of workforce housing for young workers that want to call Wisconsin home.