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10/03/01

Out Of Reach - 2001

The following is the latest Out of Reach study from The National Low Income Housing Coalition that provides valuable data on the affordable rental housing crunch nationwide and in Florida. To view the entire report, visit the Coalition's web site at www.nlihc.org. Enjoy!

The Findings:

• In Florida, an extremely low income household (earning $15,210, 30% of the Area Median Income of $50,700) can afford monthly rent of no more than $380, while the Fair Market Rent for a two bedroom unit is $694.
  
• A minimum wage earner (earning $5.15 per hour) can afford monthly rent of no more than $268.
  
• An SSI recipient (receiving $512 monthly) can afford monthly rent of no more than $154, while the Fair Market Rent for a one-bedroom unit is $566.
  
• In Florida, a worker earning the Minimum Wage ($5.15 per hour) must work 104 hours per week in order to afford a two-bedroom unit at the area's Fair Market rent.
  
• In Florida, 46% of renter households pay more than 30% of their income for rent.
  
• The Housing Wage in Florida is $13.35. This is the amount a worker would have to earn per hour in order to be able to work 40 hours per week and afford a two-bedroom unit at the area's Fair Market rent. This is 259% of the present Minimum wage ($5.15 per hour). Between 2000 and 2001 the two bedroom housing wage increased by 9.45%.
  
• A unit is considered affordable if it costs no more than 30% of the renter's income

Percent Change in the Housing Wage between 2000 and 2001
for a 2 Bedroom Apartment at Fair Market Rent:

• Florida: 9.45%
  
• Miami-Dade: 8.17%
  
• Broward: 6.82%
  
• Palm Beach: 9.44%

Maximum Affordable Housing Cost Represents the Generally Accepted Standard of Spending Not More than 30% of Income on Housing Costs
AIM=Area Median Income (HUD, 2000)
FMR-Fair Market Rent (HUD, 2001)
.