News Summary
A recent University of Florida study reveals a substantial increase in rent-burdened households in the state. Over 904,000 renters are now spending over 40% of their income on housing, with notable rises in Northeast Florida. The report underscores the housing affordability crisis exacerbated by a growing shortage and surging rental prices, particularly affecting low-income families and seniors.
Miami, Florida – A recent study conducted by the University of Florida’s Center for Housing Studies has revealed a significant rise in the number of rent-struggling households in the state. The report indicates that in 2024, there were 42,170 more individuals who found it challenging to pay their rent compared to the previous year, bringing the total number of renters in Florida spending at least 40% of their income on housing costs to a staggering 904,635.
The alarming data highlights the ongoing housing affordability crisis, particularly in Northeast Florida, which accounted for 9,434 of the struggling renters, nearly 22% of the total statewide increase. The breakdown of renter challenges in this region is concerning, particularly in several counties. For instance, Duval County reported 55,420 residents spending at least 40% of their income on rent, a climb of 4,390 from 2023. Clay County saw a rise of 1,241 renters, totaling 6,160 facing similar issues. Additionally, St. Johns County registered a notable increase of 3,113 renters, with a total of 6,777.
Other counties in Northeast Florida also experienced increases, including:
– Baker: 497 renters, up 59 from 2023.
– Bradford: 625 renters, up 45 from 2023.
– Columbia: 1,966 renters, up 393 from 2023.
– Nassau: 1,796 renters, up 2 from 2023.
– Putnam: 2,014 renters, up 194 from 2023.
– Union: 348 renters, down 3 from 2023.
In 2023, the total number of households across Florida paying more than 40% of their income on rent was 862,465, demonstrating a troubling upward trend in housing costs that many financial advisors recommend avoiding. Typically, it is suggested that no more than 30% of an individual’s income should be spent on housing expenses.
The study also attributes these rising costs to the housing shortage stemming from the effects of the pandemic. Despite the addition of approximately 240,000 multi-family units, median rental prices surged from $1,238 in 2019 to $1,719 in 2023. This growth in housing costs reflects Florida’s robust population growth outpacing the available housing supply.
Another alarming aspect of the study is the potential risk to public rental assistance. More than 33,000 publicly assisted rental units may lose their affordability protections by the year 2034 if current trends continue. Such losses could exacerbate the housing affordability crisis further, particularly for low-income families who rely on these supports to secure housing.
The report shows that households aged 55 and older, which constitute around 39% of rent-burdened renters, have not seen significant changes in their demographic balance since 2022. This trend underscores the persistent issues faced by older residents in affording stable housing.
The UF Shimberg Center has been providing insights into Florida’s rental market, publishing comprehensive studies every three years since 2001. As the state navigates these challenges, there is cautious optimism regarding a potential slowing of the rental market. Experts speculate that an increased availability of homes may help stabilize rent prices in 2024 and 2025, a much-anticipated adjustment for many struggling residents.
In conclusion, the findings of this recent study highlight the ongoing struggle many Floridians face in maintaining their housing costs within manageable limits. With increasing rental prices and a rising number of households burdened by rent, addressing housing affordability in Florida remains an urgent issue for policy-makers and community leaders alike.
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Additional Resources
- WOKV: UF Study Shows Number Struggling Jacksonville Area Renters Up by Thousands
- Wikipedia: Housing Affordability
- Florida Politics: UF Rental Market Study
- Google Search: Florida housing affordability
- Jacksonville Free Press: Florida Rents Increased by Nearly 40%
- Google Scholar: Rental Affordability Crisis in Florida
- Click Orlando: This City is the Best Place to Rent in Florida
- Encyclopedia Britannica: Rent
- News4Jax: Jacksonville Ranks in Top 25 Best US Cities for Renters
- Google News: 2025 Rental Market Report
Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
