Wednesday, October 7, 2015

Floridians spend more of their income on rent than Californians and New Yorkers, says study

Posted By on Wed, Oct 7, 2015 at 12:39 PM

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A new study suggests that Floridians are spending way too much of our paychecks on rent. 

According to a study by Make Room, 30.3 percent of Floridians spend half of their monthly incomes on rent, making Florida the most "rent-burdened" state in the country, beating out high rent states like New York and California. 

Although both California and New York have notorious reputations for exorbitant rent, the study reports that only 30 percent of those residents are spending half their income on rent, placing the two states below Florida and New Jersey on the list.

Make Room says that Florida's rent issues are a result of our fast growing population, tourist-driven economy with workers paid less than in other states, increasing land prices and a construction market that produces luxurious properties rather than affordable homes.

The data reveals that the disproportionate rent weighs more heavily on individuals under 49 years of age. Metro areas such as Daytona and Miami have been hit the hardest by this rent crisis.

A report from 2014 showed that a person would have to make $15.87 per hour in order to afford a "fair-market" priced one-bedroom apartment in Orange, Osceola, Lake and Seminole counties.

Another report did some math and revealed that minimum wage workers in Florida would have to work 98 hours to afford a two-bedroom apartment.

Click on the map below to see the percentage of each area's rent-burden.

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