Low-income families in Florida are paying more than half of their income on rent, according to data released by the Real Estate Institute of Southern California.
And they’re paying it out of their own pockets.
The rental market in Florida has been “very volatile” over the past year, according John Miller, CEO of the nonprofit, which collected the data.
According to the report, low-income renters in Florida spent about $3,200 more on housing costs in 2016 than they did in 2015.
Miller said it’s a good time to pay more attention to the cost of living.
“There are things that are going on that have a lot to do with the way that people are priced in, the way they pay for rent,” Miller said.
“People are being priced out of the market.”
The cost of renting in Florida is higher than in California, where the median income is $75,000.
But Miller says Florida is not a high-cost market.
Low-income people in Florida typically pay a little more than $2,000 a month for their home, while families in California pay about $10,000 per year for a typical one-bedroom apartment, according the report.
The average rent in Florida in 2016 was $2.35 per square foot, while in California it was $4.50 per square feet, the report found.
Florida residents also spend significantly more on utilities than people in California and New York, according Miller.
Many residents in Florida also don’t have to pay a lot of property taxes.
In Florida, the median tax rate is just 1.2 percent, while the state’s average rate is 2.1 percent, the survey found.