PALM BEACH COUNTY, Fla. — Housing is one of the main affordability issues in South Florida, with the area attracting luxury buyers and leaving middle-class buyers feeling squeezed out. As home prices keep rising, so too are rents, which can make it difficult to save up for a deposit for a house.
WATCH BELOW: 'Many Florida residents rent is 30 to 50 % of their income,' Samir Goel tells WPTV
The decision to leave South Florida for an affordable home is becoming an option for many younger homebuyers. Rene Barajas and Sydney Buckley left their Boynton Beach rental apartment in September for a three-bedroom house in Greenville, South Carolina.
"I feel like this is where it's all happening right now," Barajas said.
"We started looking seriously at homes in the Carolinas and seeing how much more affordable they were even with state taxes and new things you have to pay for here it still comes out much less money," Buckley said.
Both said the decision to move took some very careful planning.
"Budgeting is huge, that would be my biggest advice," Buckley said. "Break down the numbers and budget see what you can afford and do your research because there’s so many variables to looking where you really want to settle down."
Jeff Brandes of the Florida Policy Project noted the complexity of the housing crisis.
"We would argue there is no silver bullet in housing, lets start there, there is only lead bullets and you got to fire them all," Brandes said. "Some of those are smaller lot sizes, allowing for upzoning which is instead of building a single family home you can build a duplex or triplex."
Samir Goel is with Esusu, an online firm that studies rents and has developed a partnership with Zillow to help first-time homebuyers by allowing rent payments to boost credit scores.
"Many of Florida residents rent is 30 to 50 % of their income, they’re paying it but not moving closer to becoming a homeowner. Now, through Zillow you can make sure your rental data enters the credit bureau," Goel said. "It’s a product called Credit Climb and that makes it accessible to any renter regardless of who your landlord is or who your renter is."
