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Wednesday, May 9, 2018

97 percent of Orlando homes are unaffordable for restaurant workers, study says

Posted By on Wed, May 9, 2018 at 8:33 PM

click image PHOTO BY RADE LUKOVIC VIA ADOBE STOCK
In today's edition of Orlando's Housing Market is the Worst™, a new study shows 97 percent of local homes are unaffordable for restaurant workers.

The report from Trulia examines how many houses on the 2018 market are affordable for doctors, first responders, programmers, teachers and restaurant workers across the nation. 



"The news is discouraging," the online real estate site says in its report. "Workers in these roles are finding it even harder to live in the communities they serve."

Specifically in Orlando, only 2.62 percent of homes were in the price range of restaurant workers, who have a median income of $23,214. Orlando's median listing price for residences was $319,000. Trulia defined affordable homes as those where someone's monthly housing payment would take up no more than 31 percent of a paycheck.

"Restaurant workers, as the lowest wage earners among the occupations studied, continue to face the greatest challenges when it comes to affording a home," the study says.

Teachers and first responders fared marginally better in Orlando than restaurant workers. Almost 20 percent of listings were affordable to teachers, which have a median income of $47,143. First responders, who have a median income of $46,370, found affordable 18 percent of home listings.

As expected, doctors and programmers had the best results. Almost 94 percent of Orlando homes were affordable to doctors – but they earned a median income of $200,920. Programmers, with a median income of $79,748, found affordable close to 64 percent of listings.

The study also released data comparing affordability rates in 2017. The difference of a year was stark – affordability rates for teachers dropped almost 10 percentage points from 2017 to 2018. Meanwhile, home listings became more affordable for doctors by about 2 percentage points. The striking difference surged from changes in median income and median list price – the midpoint value of homes in Orlando moved from $289,900 to $319,000 in those years.

Trulia says teachers are worse off in nearly all metros covered in the study.

"Many professionals struggle to afford homes in the communities where they work," the Trulia report says. "They are the people we depend upon even if we don’t see them every day: teachers, first responders, restaurant workers and doctors. But for the majority of them who live in America’s biggest housing markets, buying a home in the community they serve is getting harder – and in a few places, out of reach."

Check out the study here and rage scream at the computer with us from your rental in the Oviedo suburbs

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