# Florida ### Summary Florida state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 39 units available that are affordable to them. The median rent in the state has risen by 42% since 2010, while median household incomes have grown by 38%. Currently, the state is short over 393,923 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI. 33.5% share of renter households 40.0% share of low-income households 53.2% share of rent-burdened households ### Renter population data #### Renters vs homeowners | Households | % share | |----------------------|---------| | Renter households | 2,736,789| 33.5% | Homeowner households | 5,420,631 | 66.5% | Total households | 8,157,420 | 100.0% #### Low-income renter households | Renter households by income group | Households | % share | |------------------------------------|------------|---------| | Extremely low-income ≤30% AMI | 362,185 | 13.2% | Very low-income 31-50% AMI | 282,344 | 10.3% | Low-income 51-80% AMI | 451,387 | 16.5% | All low-income households <80% AMI | 1,095,916 | 40.0% #### Rent-burdened households | Share of income spent on rent | Households | % share | |-------------------------------|------------|---------| | Moderately rent-burdened | 716,591 | 26.2% | 30.0–34.9% | 247,027 | 9.0% | 35.0–39.9% | 193,240 | 7.1% | 40.0-49.9% | 276,324 | 10.1% | Severely rent-burdened | 738,439 | 27.0% | ≥50.0% | 738,439 | 27.0% | All rent-burdened households | 1,455,030 | 53.2% ### Affordable housing shortage #### Rent vs median household income | Median household income | Amount ($) | |-------------------------|------------| | in 2010 | 31,977 | | in 2021 | 44,134 | | Increase (2010–2021) | 38.0% | | Median rent | Amount ($) | |-----------------------|------------| | in 2010 | 808 | | in 2021 | 1,149 | | Increase (2010–2021) | 42.2% | #### Affordable housing stock | Supply, demand & shortage | Units | |----------------------------------|------------| | Supply (current stock) | 250,606 | | Demand (total units needed) | 644,529 | | Shortage | 393,923 | | Total shortage | 393,923 | | Supply/demand ratio | 38.9% | ### Finance institutions #### Florida Housing Finance Corporation 227 N. Bronough Street, Suite 5000 Tallahassee, Florida 32301 Tel.: (850) 488-4197 **LIST OF loan programs** - [State Apartment Incentive Loan](https://www.floridahousing.org/programs/developers-multifamily-programs/state-apartment-incentive-loan) - [Elderly Housing Community Loan](https://www.floridahousing.org/programs/developers-multifamily-programs/elderly-housing-community-loan) - [Grants for Persons with Developmental Disabilities](https://www.floridahousing.org/programs/developers-multifamily-programs/grants-for-persons-with-developmental-disabilities) - [HOME Investment Partnerships](https://www.floridahousing.org/programs/developers-multifamily-programs/home-investment-partnerships) - [Low Income Housing Tax Credits (“Housing Credits”)](https://www.floridahousing.org/programs/developers-multifamily-programs/low-income-housing-tax-credits) - [Multifamily Mortgage Revenue Bonds](https://www.floridahousing.org/programs/developers-multifamily-programs/multifamily-mortgage-revenue-bonds) - [National Housing Trust Fund](https://www.floridahousing.org/programs/developers-multifamily-programs/national-housing-trust-fund) - [Predevelopment Loan Program](https://www.floridahousing.org/programs/special-programs/predevelopment-loan-program) ### QAP document (Qualified Allocation Plan) #### QAP Florida The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. [Download document](https://cdn.prod.website-files.com/5d35f0b6334923cb86844844/6492c76bcbbf6665f7d74f39_2022-qualified-allocation-plan-(qap).pdf) ### Housing news ##### How Fed Rate Cuts Impact the Housing Market September 19, 2024 The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles. **Key Takeaways:** - **Lower Mortgage Rates**: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. - **Home Sales**: As rates decline, more homeowners might be encouraged to sell. - **Ongoing Supply Issues:** Despite lower rates, housing supply shortages will persist. While the Fed’s actions are a positive step, broader structural challenges will continue to affect the market ##### Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why June 26, 2024 Bank of America economists predict the US housing market won't recover until at least 2026, citing prolonged downturns. ##### States With the Largest Homeless Populations May 15, 2024 In 2023, the number of homeless individuals in the U.S. reached approximately 653,000. **Top 10 states with the largest homeless population:** 1. California (181,399) 2. New York (103,200) 3. Florida (30,756) 4. Washington (28,036) 5. Texas (27,377) 6. Oregon (20,142) 7. Massachusetts (19,141) 8. Colorado (14,439) 9. Arizona (14,237) 10. Pennsylvania (12,556) **Additional news:** Homelessness is rising among employed Americans who cannot afford housing. ### Shortage statistics for ELI & VLI renters _**S&D ratio = Supply & Demand Ratio**_ **List of counties** | Name | Households | ELI & VLI <50% AMI | Rent-burdened | Affordable housing | Shortage of units | S&D ratio | |------------------|------------|--------------------|-----------------|-------------------|-------------------|-----------| | Alachua County | 47,119 | 44.9% | 14,817 | 25,484 | -4,983 | 152.8% | | Baker County | 1,986 | 23.3% | 398 | 808 | -3,211 | 2069.1% | | Bay County | 23,503 | 32.2% | 5,769 | 11,723 | 4,761 | 17.1% | | Bradford County | 2,925 | 32.6% | 993 | 1,337 | -790 | 287.7% | | Brevard County | 57,803 | 23.8% | 15,508 | 29,530 | 12,423 | 10.7% | | Broward County | 273,225 | 37.3% | 63,498 | 162,157 | 54,964 | 18.6% | | Calhoun County | 930 | 20.7% | 298 | 349 | -4,308 | 2432.2% | | Charlotte County | 14,819 | 17.9% | 3,803 | 8,044 | 2,746 | 17.5% | | Citrus County | 10,738 | 16.3% | 3,275 | 5,108 | 1,804 | 43.0% | | Clay County | 18,409 | 23.8% | 5,394 | 7,970 | -354 | 160.9% | | Collier County | 40,365 | 26.3% | 8,884 | 22,050 | 7,294 | 35.8% | | Columbia County | 7,287 | 28.3% | 2,089 | 2,639 | -157 | 139.9% | | DeSoto County | 3,558 | 29.1% | 774 | 1,562 | 4 | 122.4% | | Dixie County | 861 | 14.2% | 285 | 188 | -171 | 379.4% | | Duval County | 165,559 | 42.8% | 43,472 | 80,721 | 37,097 | 1.6% | | Escambia County | 46,277 | 37.2% | 10,253 | 21,242 | -3,877 | 202.3% | | Flagler County | 9,873 | 21.7% | 2,202 | 5,061 | -5,801 | 669.2% | | Franklin County | 992 | 21.8% | 279 | 463 | -41 | 159.2% | | Gadsden County | 4,221 | 26.8% | 1,056 | 1,513 | 830 | 21.1% | | Gilchrist County | 1,194 | 17.9% | 437 | 276 | -820 | 458.7% | | Glades County | 837 | 18.3% | 222 | 372 | -43 | 186.1% | | Gulf County | 1,188 | 21.5% | 262 | 540 | 0 | 130.8% | | Hamilton County | 1,178 | 28.0% | 354 | 481 | 125 | 77.1% | | Hardee County | 2,675 | 33.3% | 789 | 1,302 | 358 | 68.3% | | Hendry County | 3,933 | 30.7% | 581 | 1,966 | 207 | 80.2% | | Hernando County | 16,321 | 20.9% | 3,789 | 8,025 | 2,449 | 39.0% | | Highlands County | 10,283 | 23.4% | 2,938 | 4,505 | 1,159 | 67.5% | | Hillsborough County | 220,172 | 40.2% | 57,099 | 111,834 | 48,666 | 9.9% | | Holmes County | 1,672 | 23.9% | 479 | 503 | -9,342 | 3019.1% | | Indian River County | 12,951 | 20.4% | 3,088 | 7,008 | 2,274 | 24.6% | | Jackson County | 4,553 | 27.0% | 1,448 | 1,705 | 882 | 42.7% | | Jefferson County | 1,273 | 23.6% | 366 | 368 | -821 | 640.6% | | Lake County | 36,850 | 24.7% | 8,740 | 19,145 | 7,153 | 10.2% | | Lee County | 81,586 | 27.3% | 19,536 | 41,795 | 17,923 | 1.4% | | Leon County | 55,710 | 47.3% | 14,830 | 29,971 | 9,914 | 35.5% | | Levy County | 3,512 | 20.4% | 965 | 1,381 | -1,479 | 325.8% | | Liberty County | 483 | 21.2% | 163 | 124 | -2,534 | 2697.5% | | Madison County | 1,812 | 28.1% | 545 | 709 | -31 | 135.4% | | Manatee County | 39,697 | 25.4% | 9,284 | 20,918 | 8,305 | 3.4% | | Marion County | 35,985 | 23.9% | 8,848 | 15,779 | 7,681 | 9.9% | | Martin County | 13,752 | 20.8% | 3,817 | 7,194 | 226 | 146.2% | | Miami-Dade County | 450,333 | 48.1% | 131,644 | 269,115 | 107,829 | 9.4% | | Monroe County | 13,040 | 38.8% | 3,346 | 7,470 | 57 | 168.1% | | Nassau County | 6,268 | 18.1% | 1,660 | 2,613 | -38,335 | 3227.3% | | Okaloosa County | 28,108 | 34.4% | 6,204 | 14,145 | 4,558 | 26.0% | | Okeechobee County | 4,021 | 27.2% | 1,135 | 1,762 | 546 | 65.0% | | Orange County | 206,531 | 43.5% | 49,542 | 109,515 | 44,251 | 11.8% | | Osceola County | 37,448 | 34.0% | 9,726 | 21,882 | 7,160 | 17.5% | | Palm Beach County | 177,666 | 30.6% | 41,387 | 100,037 | 27,636 | 56.9% | | Pasco County | 57,183 | 26.3% | 15,424 | 28,163 | 11,656 | 19.3% | | Pinellas County | 130,333 | 31.4% | 34,240 | 67,804 | 19,974 | 48.5% | | Polk County | 78,140 | 30.9% | 21,909 | 36,429 | 13,596 | 45.3% | | Putnam County | 8,214 | 28.2% | 2,470 | 3,709 | -2,781 | 276.8% | | Santa Rosa County | 14,768 | 21.9% | 2,907 | 6,089 | 1,615 | 87.2% | | Sarasota County | 46,769 | 24.1% | 13,764 | 22,924 | 6,129 | 67.3% | | Seminole County | 61,499 | 34.0% | 17,449 | 30,304 | 10,244 | 34.5% | | St. Johns County | 17,679 | 18.5% | 4,894 | 8,829 | -19,131 | 896.9% | | St. Lucie County | 29,505 | 24.1% | 7,571 | 15,788 | 3,250 | 69.9% | | Sumter County | 7,940 | 12.9% | 1,938 | 4,251 | 331 | 130.1% | | Suwannee County | 3,990 | 26.4% | 1,179 | 1,101 | 184 | 119.0% | | Taylor County | 1,661 | 22.8% | 233 | 597 | -177 | 395.0% | | Union County | 1,273 | 31.3% | 302 | 308 | -738 | 549.3% | | Volusia County | 65,106 | 28.5% | 15,638 | 33,287 | 14,863 | 6.3% | | Wakulla County | 1,850 | 16.4% | 462 | 598 | -179 | 173.1% | | Walton County | 7,063 | 23.4% | 2,093 | 3,533 | -4,296 | 548.5% | | Washington County | 1,763 | 19.9% | 363 | 776 | 298 | 25.4% |