A University of Florida report finds residents are struggling to find affordable housing.
UF's Shimberg Center for Housing Studies found housing prices to be stabilizing after many years of growth. However, it says buying a house will still create real financial stress.
The report found median home prices range from $250,000 in rural areas to over $500,000 in coastal cities.
Renters are also struggling, according to the study, with almost 900,000 low-income renters paying more than 40% of their earnings on rent.
Anne Ray, who works with the Shimberg Center, said, “That's difficult because when people are paying a large sum of their income for their rent, they don't have a lot of money left over for necessities for transportation, for health care, clothing, food.”
Ray says more affordable housing units are increasing across the state.
“And because your rent has to be paid in full every month, a lot of times people will end up skimping on those other needs,” Ray said.
The report found Florida produced almost 140,000 single-family homes and over 1,500 multifamily developments in 2023.
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