Housing
Quality, attainable housing for Florida’s workforce
Challenges
While the demand to live in Florida is the envy of our peers, it has had a negative impact on the availability and cost of housing. In 2023, Florida had the highest percentage of cost burdened renters (defined as households spending more than 30% of their income on rent) in the country.
To make matters worse, Florida also had the greatest percentage of severely burdened renter households (greater than 50% of income spent on rent) in the country, with close to 1 in 3 Florida households (30.7%) falling into this category.
Just ten years ago, Florida metropolitan areas were more affordable than their competitors. The median home price-to-median income ratio was lower (better) in Miami than what a household would face in the metropolitan areas of New York City, Boston, and Seattle. Today, the opposite is true, with many of Florida’s regional economies being surpassed by their peers in terms of the affordability of home ownership.
Opportunities
The State Legislature rightly focused on the housing affordability challenge in 2023, passing into law the Live Local Act, which
The Legislature also made important refinements to the Live Local Act in 2024, including recommendations made by the Council of 100.
This will help the Act accomplish its original intent and further the private sector’s ability to be part of the solution.
Florida is the place to solve and scale solutions to increase access to quality attainable housing.
Related News
Members Advancing the Mission
Members Advancing the Mission
The New York Times
Members Advancing the Mission
Wall Street Journal
Members Advancing the Mission
800-acre Terra Lago community bringing 2,500 new affordable homes to Indiantown
March 26, 2024
Members Advancing the Mission
This Florida Mall Has Gucci, Prada … and Soon, Affordable Housing?
February 5, 2024
Members Advancing the Mission
In Florida, Affordable Housing Joins Luxury Complexes
January 9, 2024
Statement
Florida Council of 100 Praises Senate President Passidomo for Focus on Workforce Housing
February 8, 2023