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Out Of Reach - 2001
The following is the latest Out of
Reach study from The National Low Income Housing Coalition that provides valuable
data on the affordable rental housing crunch nationwide and in Florida. To view
the entire report, visit the Coalition's web site at www.nlihc.org. Enjoy!
In Florida, an extremely low income household
(earning $15,210, 30% of the Area Median Income of $50,700) can afford monthly rent
of no more than $380, while the Fair Market Rent for a two bedroom unit is $694.
A minimum wage earner (earning $5.15 per hour)
can afford monthly rent of no more than $268.
An SSI recipient (receiving $512 monthly) can
afford monthly rent of no more than $154, while the Fair Market Rent for a one-bedroom
unit is $566.
In Florida, a worker earning the Minimum Wage
($5.15 per hour) must work 104 hours per week in order to afford a two-bedroom unit
at the area's Fair Market rent.
In Florida, 46% of renter households pay more
than 30% of their income for rent.
The Housing Wage in Florida is $13.35. This is
the amount a worker would have to earn per hour in order to be able to work 40 hours
per week and afford a two-bedroom unit at the area's Fair Market rent. This is 259%
of the present Minimum wage ($5.15 per hour). Between 2000 and 2001 the two bedroom
housing wage increased by 9.45%.
A unit is considered affordable if it costs no
more than 30% of the renter's income
Change in the Housing Wage between 2000 and 2001
for a 2 Bedroom Apartment at Fair Market Rent:
Maximum Affordable Housing Cost Represents
the Generally Accepted Standard of Spending Not More than 30% of Income on Housing
Palm Beach: 9.44%
AIM=Area Median Income (HUD, 2000)
FMR-Fair Market Rent (HUD, 2001)