AFFORDABLE HOUSING IN MIAMI FACING DIRE STRAIGHTS
With Miami-Dade County employee salaries averaging $50,000 a year, affordable housing seems to be weighing heavy on tenants struggling to make ends meet. According to recent studies, home values in Miami-Dade have rocketed by 66% compared to the 14% rise in worker wages over the ten-year period leading up to 2017. Though construction is evidently active in and around downtown Miami, modern price-tags target wealthy foreigners rather than members of the middle-class workforce. In fact, the 2019 State of the Nation’s Housing report by Harvard University states that low-rent housing availability (under $800 monthly) has fallen by 39% with a 2% drop in the number of low-income renters. The Harvard report goes on the say that 20% of new-single family houses constructed from 2007-2017 were valued at $200,000. According to this and other housing statistics publicly available, Miami renters allocate over 30% of their income to cover rent, which can average around $2,000 a month in modest neighborhoods such as North Miami. An executive director at Miami Homes For All stated in an interview that the crisis has spread and has affected the Miami-Dade middle and upper class and not just low-income families. With more than a third of monthly wages going towards rent, there is a shortage of available housing to those earning under $40,000 a year, which is just $10,000 less than the 80% of Miami-Dade county workers earn per year. In the meantime, though unemployment in the low-wage work sector has risen, the cost of real-estate and residential construction projects continue to rise. So where exactly should middle and lower income workers look to live within Miami-Dade county? And where should those looking to purchase a well-priced piece of real-estate shop? According to recent real estate reports for Miami-Dade county, cities such as Allapattah, Little Havana and Coconut Grove are expected to receive $7.5 million in funding to build affordable housing for the local Miami workforce earning between $30K-60K per year. According to statistics, the city facing the toughest affordable housing ordeals is Miami, which has the highest percentage of residents earning much less than the $50,000 yearly average salary. Housing reports state that there are some 85 housing units that fall under the Miami Beach scope, which include studio apartments priced at $740 per month in rental fees. According to the a U.S. Census report, over 1 million residents, with an average income of some $60K, live in a separate sector of Miami-Dade. Unfortunately for middle and lower class households in Miami, rental fees for apartments and houses are expected to increase and not go down anytime soon.
The Perazzo Law Firm Serves Real Estate Transactions in Miami-Dade
- I need professional representation to oversee the entire Real Estate transaction and protect my best interests or those of a loved one.
- I want to take title to the property and seek help with all the legal and tax ramifications involved in Real Estate transactions.
- I want to benefit from the Real Estate transaction by having a specialized Real Estate attorney review the contract and answer all legal questions during the negotiation process.
- I want to save money because a Perazzo Law Firm Real Estate Attorney can act as both attorney and title agent.
- I want to guarantee a smooth purchasing transaction by having someone I can trust make sure I don’t get ripped-off.