September 29, 2015 Financial Health · Rental Trends

Florida has highest share of renter households paying unaffordable rent


Nearly One in Three Renter Households in Florida’s Ten Largest Metro Areas Pay Unaffordable Rent

For Immediate Release

October 1, 2015
Contact: Maya Kriet, Group Gordon
212-784-5710
mkriet@groupgordon.com

Florida Has Highest Share of Renter Households Paying Unaffordable Rent in the U.S., Make Room Analysis Finds

 Nearly One in Three Renter Households in Florida’s Ten Largest Metro Areas Pay Unaffordable Rent

Make Room, a nationwide campaign giving voice to American renters, today released findings that reveal Florida has the highest level of households paying unaffordable rent in the United States.

Nationally, 11 million families, or one in four of the 42 million U.S. renter households, spend at least half their income on rent, forcing them to choose between paying their rent and paying for groceries, medicine, childcare and other essentials.

Of the 2.1 million renter households in Florida’s ten largest metro areas, 643,645, or 30.5 percent, pay at least half of their household income (before taxes) toward rent and utilities, a level considered to be a “severe” burden by housing experts. Below is a breakdown of the number and percentage of severely burdened renters by metro area:

Rank Metro Area # Severely Burdened Renters Percentage
1 Miami-Fort Lauderdale-West Palm Beach, FL 284,385 35.7%
2 Deltona-Daytona Beach-Ormond Beach, FL 20,520 30.1%
3 Orlando-Kissimmee-Sanford, FL 90,444 29.7%
4 Palm Bay-Melbourne-Titusville, FL 17,455 28.2%
5 Cape Coral-Fort Myers, FL 20,677 27.5%
6 Tampa-St. Petersburg-Clearwater, FL 114,342 27.4%
7 Jacksonville, FL 48,130 27.0%
8 North Port-Sarasota-Bradenton, FL 20,549 24.8%
9 Lakeland-Winter Haven, FL 15,644 23.7%
10 Pensacola-Ferry Pass-Brent, FL 11,499 18.7%

 

“Florida has a combination of a fast-growing population, soaring land prices and a construction market focused primarily on luxury buildings, creating a serious lack of affordable housing throughout the state.” said Angela Boyd, managing director of the Make Room campaign. “Between stagnant wages and the shortage of affordable rental inventory, Floridians pay some of the most unaffordable – and continuously rising – rents in the country. Our leaders must act to provide viable solutions to address the crisis in order to protect the economic future of struggling renters.”

Florida households paying too much on rent are spread across all age groups, with the largest percentage of severely burdened renter households at the younger end of the age spectrum. Of renters under the age of 35 in Florida’s ten largest metro areas, 30.8 percent pay more than half of their income towards rent and utilities, followed by 30.3 percent of renters aged 35-49 and 22.3 percent of renters aged 50-64 who pay unaffordable rent.

“Florida is fortunate to have a dedicated source of funding for affordable housing. When lawmakers return to Tallahassee next January, they should devote the entire $324 million in our state and local housing trust funds to Florida’s affordable housing programs,” said Jaimie Ross, President and CEO of the Florida Housing Coalition. “These funds will be used to ease the affordable housing crisis in our state and will help us work to end homelessness.  With the recovery of the real estate market, we cannot afford to have one penny of the state and local housing trust funds used for purposes other than affordable housing.  At the federal level, our representatives in Congress should restore funding for the crucial HOME program, which funds affordable housing in communities around the country, to at least $1.06 billion per year.”

“There’s an increasingly urgent need for stronger public, private partnerships to ensure all of our neighbors have access to quality, affordable housing as a foundation to pursue the potential of their lives,” said Stephanie Berman-Eisenberg, President and CEO of Carrfour Supportive Housing, Inc. in Miami “While nonprofits such as Carrfour have shown the ability to effectively leverage local, state and federal resources to help ensure every possible dollar is used to create affordable, quality housing for thousands, there are many thousands more counting on leadership to ensure resources are directed in ways that best meet the needs of our most vulnerable neighbors.”

Enterprise Community Partners is the sponsoring partner of the Make Room campaign.

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About Make Room:

Make Room is a campaign to end America’s rental housing crisis, giving voice to the 11 million families who are struggling to make rent. Working with public, private and nonprofit partners, Make Room raises awareness and advances solutions. Ending the rental housing crisis means building a stronger nation for us all. Learn more at www.MakeRoomUSA.org.

About Enterprise Community Partners:

Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 340,000 homes, invested $18.6 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com orwww.EnterpriseCommunity.org.

 

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