Florida is now considered the least affordable place to live in the entire country.
Orlando Sign
For those looking for a home in Florida, finding affordable housing may be a challenge. Click Orlando recently reported that due to soaring home prices and rent over the past year, Florida has now become the least affordable location to live in the country.
The main reason for recent major jumps in home and rent prices is a combination of low supply and high demand. This issue is even more pronounced when it comes to affordable housing, as the supply is even more depleted.
©Disney || New College Program housing
Central Florida is an area of particular concern. According to the National Low Income Housing Coalition, Orlando ranks second-worst in the country when it comes to the affordable housing shortage.
COURTESY: Park Partners Residential via Orlando Business Journal
Some area theme parks are taking action in an attempt to help local service industry professionals find affordable housing. Disney recently announced that they have earmarked almost 80 acres of land to build an affordable housing development in Orange County, Florida. Universal is also working with Wendover Housing Partners to build an affordable housing community near the resort’s new Epic Universe park. The community, Catchlight Crossings, is expected to include 1,000 apartments.
©Disney || College Program Housing now
These new developments are not expected to completely alleviate the affordable housing supply issue, but they are seen as an important first step. We’ll continue to be on the lookout for more updates on the Orlando housing market, so stay tuned to DFB for the latest news.
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This has to be a joke have you been to nyc or Boston
It is not a joke and not just Orlando, I moved to Florida last May to retire here and I choose to rent first. Well my rent for my second year just went up $450.00 per month and the same apartment I have is now renting for an additional $500.00, so if I renew my lease next year I should expect another $500.00 plus per month. Florida does not have any rent control laws, so renters are at the mercy of the owners. Apartment complex is nice but nothing luxurious about it. I had every intent to buy a house over this past year, however that is completely impossible now. A house going for $450,000 – $550,000 two years ago is now $875,000 to over 1 million. If things don’t change soon there will be a lot of homeless people in all areas of Florida.
Real bang up job Ronnie De. And you hope to one day run the country? No way, no how.
According to Forbes, the five least affordable states to live in (2022) -Hawaii, California, Massachusetts, New Jersey and Connecticut. CBS News reported that according to Realtor.com, Florida is the least affordable state. In other studies, NY, Oregon, Alaska, Maryland and Rhode Island are at the top of the list. I guess it depends on who conducts the study.
I can understand why some of those states are at the top of the list. Most, if not all, have higher payscales than Florida, allowing residents the affordability to live there. However, Florida has a much lower payscale and having been labeled the least affordable state, which must be difficult for its residents. Average pay in FL is $34,598. Average pay in CA is $111,622 (removing extra wealthy from the picture gives an average pay in CA of $78,672, still much higher than FL). Perhaps Florida needs better leadership.
the equation is based on average income vs home cost, of course housing is more expensive in NYC or Boston but Florida being a right to work state, the wage scale is significantly lower, most people are spending 40% or more on housing which is historically high numbers.
Or CA
Probably because most of the population works in the very low paying service industry. It’s all relative.
Not surprised. We just bought a house in Davenport (an Orlando suburb). The prices are ridiculous. People are paying 30 to 50 thousand over asking price. We were one of the lucky few who didn’t have to.
Probably because Florida wages for the working class have remained low while everything else has gone up. Obviously wages have not kept up with inflation and the cost of living over the years, if not decades. T
Following
We moved from Boston to Florida a few years ago and EVERYTHING here was cheaper than in Boston except for car insurance. We could have bought four houses here for the price we sold our house for up north.
They’re absolutely right it now cost a fortune to live in Central Florida! I have several colleagues who relocated to the state before the price increase! I’ve been working with the realtor for the last eight months and there is no end in sight to the increase in rental property or home ownership. It will be yours if I can ever afford to move to Florida if now ever at all
It could be the *cheapest* place to live, even *free*, and I still wouldn’t consider moving there for a second. The weather is a deal breaker. I like winter, and have major problems with hot and humid.