Download a copy of the letter transcribed below.
DATE: July 14, 2014
TO: Mayors, Elected Officials, and City Managers
FROM: Monica Navarro, Chair, MBA, EDFP, Broward Housing Council Monica Navarro
RE: 2014 Broward County Affordable Housing Needs Assessment Study in Broward County
I am writing you to let you know how serious the affordable housing problem is in Broward County. The Broward Housing Council recently funded an update to the Broward County Affordable Housing Needs Assessment Study. A copy of the report is attached to this electronically distributed correspondence and is posted on the Broward Housing Council’s website at www.browardhousingcouncil.org/Documents/2014BrowardHousingNeeds.pdf.
We would like to call the following findings to your attention:
- Shifts in Housing Demand & Supply
The study concluded that increasing levels of affordability for existing single-family homes and condominiums brought on by the collapse of the housing bubble has not improved overall housing affordability for existing owners and renters alike.
- Growing Housing Affordability Gaps
The study found 49.7 percent of households in Broward County (330,624 households) are cost-burdened (paying in excess of 30 percent of their incomes on housing costs).
- Worker Resident Impacts
Most working families and households earn salaries and wages in service sector. The majority (54 percent) of Broward County‘s workers are employed in low-wage service sector occupations with hourly wages that translate to workers earning 40-60 percent of the County’s median household income. The study found over 65 percent of owners and 90 percent of renters in these income categories are cost-burdened.
- Housing & Transportation Costs
According to the Housing and Transportation (H+T) Affordability Index, Broward County’s median monthly housing costs as a percentage of household monthly income is 35.3 percent. When transportation costs are combined with housing costs, the percentage of household income soars to 61.8 percent, far above the 45 percent H+T Affordability Index threshold. Of the 29 Broward County municipalities with an H&T Affordability Index, 28 has an Affordability Index far above the 45 percent threshold.
- Municipal Housing Profiles and Supply/Demand Analysis
The report, for the first time, provides a municipal housing profile for each city in the county and also provides a supply/demand analysis for affordable housing for very low, low and moderate income households. As indicated above and in the attachment, we are providing you this information to emphasize that affordable housing continues to be a serious problem here in Broward County. As indicated in the recent report from the Harvard Joint Center for Housing Studies, our metro area was the 3rd worst in the nation, out of 381 metro areas, for cost burdened households. We strongly encourage each city to think about affordable housing needs from a countywide perspective. Also, given the shrinking level of federal and state resources for affordable housing, it is time to consider a dedicated funding source for affordable housing needs in our county.
CC: Broward Legislative Delegation
Broward Board of County Commissioners
Broward County School Board
Broward Housing Council