The median cost of housing for Florida renters rose by almost $500 dollars from 2019 to 2023, according to a new report from the University of Florida’s Shimberg Center for Housing Studies.
Median rent in the state soared from $1,238 to $1,719 a month over that time period. More than 900,000 households making less than 60% of their area’s median income in Florida are now paying nearly 40% of their paycheck to cover rent and housing costs such as utilities. That’s more than the 30% that’s typically considered affordable.
Anne Ray, a researcher at the Shimberg Center, said those rising costs come as over a million new people have moved to Florida.
“There's been in migration from the Northeast, from California, from Illinois. There's also been some people moving from some of the higher cost areas of Florida to places that, up until recently, were relatively affordable,” she said.
High costs in Miami-Dade, Orange and Broward counties have sent Floridians to other counties. Ray said the area’s seeing the most migration are central Florida counties connected to larger metro areas like Tampa and Orlando.
“Lee County, Pasco County, Polk County, are some of the fastest growing counties, not just in the state, but in the country,” she said.
That growing population has led to spiking rents as housing demand has increased. Ray said factor driving up rental costs is the high price to purchase a home.
“Because home prices are very high, households that might have otherwise become homeowners are staying in the rental market, so that places additional pressure on the rental market,” she said.
The study is conducted every three years to serve as a resource for the Florida Housing Finance Corporation. Created by the Florida Legislature, the corporation works to incentivize the construction of affordable housing for low-income families through tax credits for developers and other programs. Ray said her study is used by the corporation and housing advocates to highlight the areas of most need in Florida.
“These are programs that are designed to produce and preserve affordable housing for lower income renters, for workers and service jobs, seniors and people with disabilities,” she said.
You can check out the full report here.