Affordable housing market still tight: 25% of renters still spending at least 50% of income on housing.
Florida’s urban areas were heavily impacted by the housing boom and bust of the last six years. Different parts of the state (like Miami, Orlando, Jacksonville and even Cape Coral) and the state overall have had some of the highest foreclosure rates in the country at different points in the last two years. But the boom and bust have affected different sectors of the housing market differently. While the middle- and higher-priced sectors of the housing market are now oversupplied, including thousands of financially “distressed” properties, the market for the lowest cost rentals is increasingly under-supplied given the size of the demand in Florida. This report uses census data from the 2007 American Community Survey to provide an updated snapshot of the state’s housing needs.
