Home Business Housing affordability drops, but it’s not just South Florida feeling the pain

Housing affordability drops, but it’s not just South Florida feeling the pain

by carlislewillard

Record home prices and less inventory have made 78% of South Florida’s homes out of reach for households earning between $50,000 and $75,000 annually, according to a recent report from The National Association of Realtors.

Nationally, the group found the portion of the housing market affordable to households in that income bracket has decreased 6% since the pandemic began. Affordability is defined by costing no more than 30% of income on housing.

The Fort Myers and Sarasota housing markets are even less affordable, however. About 85% of the homes there are unaffordable to that middle income bracket, the report found.

– Anne Geggis, Florida Politics

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