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
- 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