The Real Deal Miami

South Florida’s housing burden tops nation: report

Planning council says 62% of renters, homeowners spend more than 30% of income on homes
June 12, 2014 12:45PM

marketdataNo U.S. major metropolitan area puts as much of a housing burden on its residents as South Florida, according to a regional planning group’s report.

The South Florida Regional Planning Council released on Wednesday a study that ranks the tri-county area first out of the 150 largest metro areas in the nation for the economic pressure renters and homeowners face in the region. The council defined the housing burden as spending that exceeds 30 percent of a renter or homeowner’s income. It cited a surge in average housing costs while average incomes stayed flat or declined.

From 2006 to 2010, 62 percent of area renters are considered housing burdened, according to the study, as cited by the Sun-Sentinel. That compares to 47 percent in 2000.

“We’re concerned about creating the kinds of jobs that will allow families to rent or buy homes,” the council’s James Murley said. [Sun-Sentinel]Eric Kalis