Housing affordability is a crisis both in Florida and across the nation. In 2022, U.S. housing demand outpaced supply by 3.8 million homes and between 2021 to 2022 the average national rent increased 14%. And over the past two years, average rents have increased 26% across Florida and 32% in Palm Beach County (PBC). With nearly 60% of renter households cost burdened (pay more than 30% of their income toward housing costs) and 30% severely cost burdened (pay more than 50% of income), Palm Beach County is among the most expensive places to live in the United States.
While Florida’s recent tremendous growth has brought great benefits, the increase in housing demand has only further exacerbated the need for attainably priced housing. In particular, sky-high housing costs are making it challenging for businesses to attract and hire workers in certain markets, putting Florida’s post-pandemic economic prosperity at risk. With Florida being named the fastest growing state in 2022, housing affordability must remain a top priority.
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