Florida is one of the most unaffordable if not the most expensive place to live in the US
It’s been a long-time coming, especially as the housing crisis has persisted in recent months, which makes it unsurprising that Florida has officially been ranked the least affordable place to live in the entire country if not the most expensive place to live.
While to some, this may be a surprise, for many others, this was to be expected as housing has become incredibly expensive and inaccessible to a vast majority of Florida locals.
Why Florida has been dubbed most expensive place to live
Florida’s population is growing more rapidly than any other state, and this has made it increasingly difficult for locals already living there, as well as those who have or plan to relocate here. Rents and home prices are steadily increasing at their fastest rate in a year, with Miami being considered the least affordable and most expensive place to live by sources such as Realtor.com.
In fact, rent in Miami takes up over 60% of an average household’s income, while it’s 45% in Tampa and 37% in Orlando all of which are above the official affordability standard of 30%.
COVID-19 brought a wave of hopeful people from across the country who were looking for a fresh start in the Sunshine State. However, many of them were met with a rude awakening when they realized that rents were significantly higher than what they were used to in their previous states, and this was a direct result of the shortage of available homes.
As the tech boom in Miami continues to thrive, the income gap and the housing crisis continue to worsen. Government and county-level interventions have been proposed but still fall short of supporting the hundreds of thousands of middle and working-class families that are at risk of being displaced.
Although landlords are being pushed to notify tenants with sufficient notice, it doesn’t help that rent is increasing in the double digits and making it nearly impossible to retain homes. It’s also driving many people out as they struggle to make ends meet. However, many still do not have that luxury.
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