Housing Leadership Council

DONATE NOW
  • Home
  • About Us
    • Board and Staff
    • HLC’S Mission and Vision
    • Contact Us
  • Get Involved
    • Donate to HLC
    • Public Policy Committee
      • Public Policy
        • State Housing Policy
        • Find Your Representative
    • Communications Committee
  • Events
    • Upcoming Events
    • Housing Summit
    • Calendar
    • Other Industry Events
  • News
  • Resources
    • Help for Homeowners
      • Workforce Housing
      • Community Land Trust Homes
      • Housing Subsidy Programs
      • First-Time Homebuyer Classes
    • Help for Renters
      • Area Rentals
      • Section 8
      • State Information on Rentals
      • Helpful Tools for Rental Housing
    • Housing Rehabilitation Assistance
    • Information for Seniors
    • Foreclosure
      • Making Home Affordable Equity Programs
      • Florida Hardest Hit Program
      • National Mortgage Settlement
    • Financial Credit Information
    • Veteran Housing
    • Additional Resources
    • Best Practices and Toolkit
    • Reports and Other Resources
  • Housing Plan
    • Palm Beach County Affordable Housing Needs Assessment
    • Housing Action Plan Report
  • COVID-19
    • COVID-19: Help for Homeowners
    • COVID-19: Help for Renters
    • COVID-19: Webinars

Florida has a ‘serious mismatch’ between housing costs and income

May 3, 2021 by Housing Leadership Council

Angie DiMichele | Sarasota Herald-Tribune | April 30, 2021

Nearly 1,000 people move to Florida every day, making Florida the second fastest-growing state in the country. Yet as housing demand increases, there are not enough options to meet the demand of those who need affordable housing.

No state has an adequate supply of affordable housing, according to The Gap, an annual report from the National Low Income Housing Coalition, published in March. Florida is one of the five states that are most challenging for extremely low-income renters to find affordable housing, along with Nevada, California, Oregon and Arizona.

Florida has only 28 affordable homes available for every 100 extremely low-income renter households, according to the report.

Jaimie Ross, president and chief executive officer of Florida Housing Coalition, said the state’s housing crisis boils down to the fact that housing prices exceed the local workers’ incomes, what she called “a serious mismatch between what people earn in Florida and what housing costs in Florida.”

Extremely low-income renter households are those who make at or below the poverty line or 30% of the area median income, depending on which is greater, according to the Department of Housing and Urban Development definitions. Low-income households are those who earn 80% of the area median income or less.

Only 36% of extremely low-income renters are working people, many with jobs in the retail and service industries that were among the hardest hit by the pandemic. The remaining percentage is made up of seniors, households with disabilities and students or single parents or caregivers.

“Our housing prices, our rents are set at whatever the market will bear, and our workforce in Florida can’t afford those rents and can’t afford those housing prices,” Ross said.

Over half of the country’s largest occupations do not pay a high enough hourly wage on average for its workers to afford a one- or two-bedroom apartment, the report says.

The report says full-time workers need to make $19.56 an hour to afford a one-bedroom apartment and make $23.96 an hour to afford a two bedroom on average across the country.

Wages are not keeping pace with housing costs in Florida

Nick VinZant, a senior research analyst at QuoteWizard, has researched the growing gap between housing costs and income nationwide. His report says Florida has the seventh-highest disparity between housing costs and income.

In Florida, the median income has increased by slightly more than 20% since 2012 while median housing prices have almost doubled, increasing by 99.3%. Compared to the rest of the country, Florida’s housing price increase was above the national average, yet the rise in Floridians’ incomes was about $5,000 less than in other states, VinZant said.

For a household earning the current median income of $55,660, VinZant said these workers may…

READ FULL ARTICLE

Filed Under: Affordable Housing, Low-Income, News, Unaffordable

Donate to HLC:

Partner with the Housing Leadership Council today. Download our partnership form or DONATE NOW

Thank You to Our Partners

  • JPMorgan Chase & Co.
  • Freddie Mac
  • BankUnited
  • Wells Fargo
  • Community Foundation
  • Great Charity Challenge

Accreditations

Donate to HLC

Help HLC find affordable housing for Palm Beach County residents.

DONATE NOW

Address: 2101 Vista Parkway, Ste. 258 West Palm Beach, FL 33411

Phone: 561-653-4107

© Copyright 2018 · Housing Leadership Council of Palm Beach County · All Rights Reserved · Privacy Policy · Solicitation Statement