Rent, home prices 'out of reach' for many in Miami-Dade County, UF study finds

Researchers from the University of Florida found that half of households in Miami-Dade County are "cost-burdened," with people paying more than 30 percent of their income on housing.

Renters and frontline workers are the hardest hit by Miami-Dade County's lack of affordable housing options, according to a new analysis of U.S. Census and employment data from the University of Florida's Shimberg Center for Housing Studies (on behalf of Miami Homes for All).

The report updated the housing data appendix from the Miami-Dade Affordable Housing Framework published in 2020. The analysis incorporates updates to the US Census Bureau's 2021 American Community Survey, which shows some of the effects of the sharp increase in housing costs during the Corona virus. -19 Epidemic.

Five key findings from the report include:

* Most Miami-Dade households with incomes below $75,000 struggle with housing costs. Half of all households in the county are "cost-burdened," meaning these people pay more than 30% of their income for housing. That includes three-quarters of households with incomes below $75,000 a year.

* Renters with a modest income are the hardest hit. A total of 90% of renters in Miami-Dade with incomes under $50,000 have costs imposed.

* Black and Latino households are more likely to be affluent. Nearly half (48%) of black and Latino households are burdened with costs, compared to 38-41% of other households. Much of the gap is due to lower homeownership rates among black and Latino households. Homeowners of any race and ethnicity are less likely to be cost-conscious than renters of any other group.

* The district has a gap of 90,181 affordable units available to renter households with income below 80% of the area's median income. This gap is expected to grow to nearly 116,000 units by 2030, unless affordable units are added. The county has an estimated 31,926 homeowners whose cost of living is 80-120% of the area median income. This gap can be narrowed by adding homes priced between $200,000 and $400,000.

* Most of the fastest growing jobs in Miami-Dade County pay less than $19 an hour. Of the 21 occupations expected to add 1,000 or more workers by 2030, 14 have a median hourly wage of $19 or less. These jobs include medical assistants and home health aides, cooks and wait staff, housekeepers and warehouse and delivery staff. This workforce can afford housing units with monthly costs ranging from $650 to $1,000.

"Rents and home prices are out of reach for workers in the fastest-growing jobs in health care, hospitality and logistics in Miami-Dade County," said Ann Ray, director of the data clearinghouse for UF's Shimberg Center for Housing Studies. "These workers can afford housing at a cost of $650 to $1,000 per month, which is almost impossible to find in one of the most expensive housing markets in the country."