The Real Deal Miami

High housing costs squeeze Florida

September 23, 2008 09:38AM

Despite plummeting house prices, homes are still the biggest expense Floridians face, with most people in the state paying more than 30 percent of their income for shelter. According to the U.S. Census Bureau, Floridians have a higher percentage of residents in that position than almost any other state. With 48.9 percent of Florida residents dishing out substantial amounts for real estate, the state ranked third after only California and Nevada. The figures come from the U.S. Census’ 2007 American Community Survey , which counted money for rent or mortgage payments, as well as other costs of ownership, like insurance and property taxes.