Even the Government is Worrying About Low-income Miami Housing
The booming Miami housing market has become so unaffordable that local government and assistance organizations are beginning to worry about lower income residents. More people in Miami-Dade spent over 30 percent of their income on rent or mortgage payments than any other county in the country. “Under federal guidelines, housing is considered affordable when it costs a family no more than 30 percent of its annual income.”
To add insult to injury, “Miami-Dade’s median income ranked 216 out of 236 large counties, at $37,025.” A family that spends more than 30 percent of its income on Miami housing has “little extra income for healthcare, school supplies, clothes and other necessities.” In the even of an emergency, these families, living practically at subsistence level, could be plunged into years of debt and financial hardship.
An assessment of the 2000 U.S. Census has found 81,400 units of Miami housing are needed throughout the county “for very low, low and moderate income residents” by 2015. By 2025, an additional 107,240 affordable Miami housing units will be needed.
To add insult to injury, “Miami-Dade’s median income ranked 216 out of 236 large counties, at $37,025.” A family that spends more than 30 percent of its income on Miami housing has “little extra income for healthcare, school supplies, clothes and other necessities.” In the even of an emergency, these families, living practically at subsistence level, could be plunged into years of debt and financial hardship.
An assessment of the 2000 U.S. Census has found 81,400 units of Miami housing are needed throughout the county “for very low, low and moderate income residents” by 2015. By 2025, an additional 107,240 affordable Miami housing units will be needed.
