Affordable Housing

According to the National Low Income Housing Coalition, the Department of Housing and Urban Development’s standard for a unit is considered “affordable” if it costs no more than 30% of the renter’s income. The following statistics underscore the difficulty of attaining affordable housing in Florida for the low income bracket.

In Florida, an extremely low income household (earning $15,730, 30% of the Area Median Income of $52,434) can afford monthly rent of no more than $393, while the Fair Market Rent for a two bedroom unit is $727.
A minimum wage earner (earning $5.15 per hour) can afford monthly rent of no more than $268.
Pensioners on a social security income (receiving $545 monthly) can afford monthly rent of $164, while the Fair Market Rent for a one-bedroom unit is $593.
In Florida, a worker earning the Minimum Wage ($5.15 per hour) must work 109 hours per week in order to afford a two-bedroom unit at the area’s Fair Market rent.
The Housing Wage in Florida is $13.98. This is the amount a full time (40 hours per week) worker must earn per hour in order to afford a two-bedroom unit at the Fair Market rent. This is 271% of the minimum wage ($5.15 per hour). Between 2001 and 2002 the two bedroom housing wage increased by 4.71%

Source: Visit www.nlihc.org, National Low Income Housing Coalition

Additional issues:

Availability of affordable housing – many currently available areas are being bought up by developers, with no alternative affordable housing for displaced residents to move to, resulting in them leaving the area
Desire to have neighborhoods of mixed income rather than areas of exclusive low income
Concern of low income property in a neighborhood lowering the values of surrounding properties
Concern regarding stereotype physical look of low income housing types, and how to change
Condos converting to rental units and high rises deteriorating – how to control