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Here's where South Florida falls on list of metro areas that require $100,000 for average rent

'The southeast Florida market is the 8th most unaffordable housing market in terms of the income,' Dr. Ken Johnson says
Posted at 6:41 PM, Apr 17, 2024

WEST PALM BEACH, Fla. — A new study by researchers at Florida Atlantic University, and two other schools, found despite normalizing rent growth, South Florida's housing affordability crisis continues.

"It's been pretty tough," Raymond Minardi, who lives in West Palm Beach, told WPTV.

Minardi moved to West Palm Beach from Texas two years ago, right when the cost of living in South Florida started rising.

"Used basically all of my savings to pay my rent for quite some time and get by and now of course that's gone," he said.

Raymond is now facing eviction, because he cannot afford his rent and the search for a new home has been challenging.

Raymond Minardi who lives in West Palm Beach April 17 2024.png
Raymond Minardi talks about how affordable housing is hard to find in South Florida.

"Looking for a new place, typical one bedroom apartment is about $1,700 a month and you have to make three times that to qualify," Minardi said. "So, I cannot qualify."

The study found that even though rental increases have returned back to the typical yearly 3.5% increase for the most part, many Americans are still struggling to afford their rent.

"For example, the southeast Florida market right now is the 8th most unaffordable housing market in terms of the income you need to be able to afford the average rental," Dr. Ken Johnson, FAU's real estate expert, said.

Dr. Ken Johnson FAU real estate expert April 17 2024
Dr. Ken Johnson FAU real estate expert talks about how many Americans are still struggling to afford their rent.

Johnson said their study found 10 metro areas, including South Florida, now require households to make well over $100,000 a year to avoid paying more than 30% of their income to rent.

"That's a reflection of the fact of how fast and how high rents have risen," Johnson said.

As for Minardi, after he finds a new home, he has a dream.

"I'm working on trying to build more affordable housing, affordable lots with affordable homes, lots where we can build," Minardi said. "I'm hoping to raise money to do that."