Five key findings from Miami-Dade County’s affordable housing analysis – News
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Renters and frontline workers are the hardest hit by Miami-Dade County’s shortage of affordable housing options, according to a new analysis of 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 that was published in 2020. The analysis incorporates updates to the U.S. Census Bureau’s 2021 American Community Survey, showing some of the impacts of the sharp increase in housing costs during the COVID-19 pandemic.
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 individuals pay more than 30% of their income for housing. This includes three-quarters of households with incomes below $75,000 per year.
- Renters with modest incomes are the hardest hit. A total of 90% of Miami-Dade renters with incomes below $50,000 are cost-burdened.
- Black and Latinx households are more likely to be cost-burdened. Nearly half (48%) of Black and Latinx households are cost-burdened, compared to 38-41% of other households. Much of the disparity stems from lower homeownership rates among Black and Latinx households. Homeowners of any race and ethnicity are less likely to be cost-burdened than renters from any other group.
- The county has a gap of 90,181 affordable and available units for renter households with incomes below 80% of the area median income. This gap is projected to grow to nearly 116,000 units by 2030 unless affordable units are added. The county has an estimated 31,926 cost-burdened homeowners living on 80-120% of the area median income. This gap can be reduced by adding homes at sale prices between $200,000 and $400,000.
- Most of the fastest-growing jobs in Miami-Dade County pay less than $19 per 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 waitstaff, 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 Anne Ray, the manager of the Florida Housing Data Clearinghouse at UF’s Shimberg Center for Housing Studies. “These employees can afford housing that costs $650 to 1,000 per month, which is nearly impossible to find in one of the country’s most expensive housing markets.”
December 4, 2023
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