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Miami Spotlighted in Nation's Rental Crisis

Miami skyline
Miami skyline

 

The New York Times
April 18, 2014

Rental prices throughout the nation are skyrocketing, available affordable rents are diminishing and the combination is creating a massive lack of affordability for middle and low income renters.  Miami comes in as the second highest in the nation at an average of 43 percent of residents’ income going towards housing costs (up from 25 percent).  Homeownership is sometimes more affordable than renting, but often prospective buyers are unable to qualify due to hefty student loans and other debt.  Miami is particularly subject to wealthy investors, creating a surge in luxury apartments and a lack of support for affordable developments.  “And Florida, which like other states faced large budget shortfalls after the financial crisis, has raided its housing trust fund, funded by a real estate transfer tax, for several years running.”   More… 

 

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