NEW YORK – Oct. 19, 2015 – A new study by Make Room suggests that residents of Florida spend too much of their income on rent each month.
According to the report, 30.3 percent of Floridians spend at least 50 percent of their monthly income on rent.
That makes Florida the most “rent-burdened” state in the nation, topping such other high rent states as California and New York. The study reports that only 30 percent of residents in those two states spend half their income on rent.
According to Make Room researchers, Florida’s rent issues are due to four main factors: One, its rapidly growing population; two, its tourist-driven economy with workers paid less than in other states; three, increasing land prices; and, finally, a construction market that produces luxury residences rather than affordable housing.
The study says that metropolitan areas such as Daytona Beach and Miami have been hit the hardest by the rent crisis.
Source: Orlando Weekly News (10/07/15) Mahoney, Marissa