Florida's explosive population growth has created a housing affordability crisis that's pushing nearly a million renting families to the financial brink.
The state added more than a million households between 2019 and 2023, driven primarily by residents relocating from New York, New Jersey, Illinois, Pennsylvania and California. But this population surge came with a devastating cost for renters.
According to a new report from the University of Florida, median rent skyrocketed $500 per month during that period — a staggering 39% increase from $1,238 in 2019 to $1,719 in 2023.
While rent growth has slowed slightly in recent years to 13% annual increases, the damage to housing affordability has already been done.
Nearly a million renting households now spend more than 40% of their income on housing — well above the 30% that financial experts recommend. The report also revealed a severe shortage of affordable housing units available across the state.
The housing crisis has had tragic consequences beyond stretched budgets. Homelessness among families has surged 28% over the last three years, directly correlating with the rent increases that have priced out vulnerable populations.
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