Florida’s Housing Crisis: Nearly 905,000 Low-Income Renters Struggle

Florida is facing a significant housing crunch, with nearly 905,000 low-income renters dedicating over 40% of their income to housing costs. The alarming trend comes at a time when homelessness is also on the rise, prompting urgent calls for increased affordable housing development.

Key Insights from the 2025 Statewide Rental Market Study

The 2025 Statewide Rental Market Study, conducted by the University of Florida’s Shimberg Center for Housing Studies and commissioned by the Florida Housing Finance Corporation, sheds light on critical housing issues impacting Floridians.

Rising Costs

• Affordability Gap: Approximately 904,635 renter households earning below 60% of their area median income are deemed cost-burdened. This statistic highlights that many families are struggling to make ends meet, with 64% of these households located in Florida’s nine most populous counties.

• Population Surge and Rising Rents: Florida has experienced an influx of more than 1 million households from 2019 to 2023, with close to 195,000 of them being renters. The state has seen a dramatic increase in median rent, skyrocketing from $1,238 to $1,719—an increase of nearly $500 per month.

Demographic Trends

• Older Renters: Those aged 55 and older account for 39% of the cost-burdened households. This marks a shift from 29% in 2010 and indicates a stabilization of older renters in the market.

• Working Renters: A staggering 79% of renter households have at least one employed adult, showcasing that employment alone is not enough to navigate the high cost of living.

Escalating Homelessness

• The report estimates that 29,848 individuals and 44,234 families lack stable housing, a situation worsened by natural disasters and a strained market.

Importance of Assisted Housing

Assisted housing options are becoming increasingly vital as a buffer against high private market rents. More than 314,000 affordable rental units have been developed through various funding sources, including Florida Housing and HUD.

Future Risks

The study also warns that over 33,000 publicly assisted units could lose their affordability protections by 2034 unless proactive measures are taken to renew these safeguards.

The Importance of Data-Driven Solutions

Anne Ray, manager of the Florida Housing Data Clearinghouse, emphasizes the need for tailored resources:

“Florida’s strong population growth has collided with limited housing supply, pushing rents beyond what many families can afford. This report helps policymakers and housing providers target resources where the need is most acute.”

The comprehensive nature of the Rental Market Study serves as a vital tool for guiding strategic investments in affordable housing, ensuring that policymakers can effectively address the pressing needs of Florida’s diverse populations.

Conclusion

In summary, as Florida’s housing affordability crisis deepens, the need for concerted efforts to increase affordable rental units becomes glaringly apparent. Comprehensive research and data play a crucial role in shaping effective housing policies. As communities strive for solutions, preserving existing affordable developments and expanding new opportunities will be critical to keeping pace with Florida’s growing population.

For more information on affordable housing in Florida, visit Florida Housing Finance Corporation.

Stay informed about housing trends and policies that affect you. If you’re seeking affordable rental options, consider exploring state-supported developments to ensure you have a place to call home.