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Affordable housing challenge: A look at Central Fla. data

Posted by Editor on August 6, 2018
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Central Florida is facing a growing housing crisis as a shortage of new homes and surging demand is driving up the cost of home prices and rent, according to a two-year study of the issue that Orange County commissioners discussed Tuesday. The scope of the problem is evident in some key numbers.

30%
Affordable housing is defined nationally and in Central Florida as housing costs (mortgage or rent plus utilities) that are equal to or less than 30 percent of a household’s total income. A household spending more than 30 percent of its income on housing (mortgage or rent plus utilities) is considered to be cost-burdened, according to the study. A household paying more than half its total income for housing is considered “severely cost-burdened.”

230,344
The number of households considered to be cost-burdened in Orange, Seminole and Osceola counties – roughly 1 of every 3 households.

$286,000
The average cost of a house in Central Florida, according to data compiled from the U.S. Census Bureau’s American Community Survey (2016).

$58,400
The regional median income in 2017, according to the U.S. Department of Housing and Urban Development. This number coupled with the average $286,000 cost of a house means a worker with a median salary will spend about 32 percent of income on housing. Among those who are “cost-burdened” are teachers, bus drivers, store cashiers and restaurant servers. The median household income in Orange County is lower, at $51,334, up from a decade low of $44,7322 in 2011.

300
The size in square feet of “micro-apartments,” which include a kitchenette, small bath and a bed alcove and have been suggested as a possible solution to the shortage of urban apartments.

352,538
The number of households in Orange County, excluding Orlando. Using Census data, figures show 110,199 of those households overpay for housing.

47%
The percentage of households in Orange County that earn under $50,000. An estimated 17 percent earn less than $20,000 a year.

69,769
The estimated number of households who rent housing in Orange County and pay over 30 percent of income.

3,851
The size in square feet of the average home built in Orange County in 2017 – nearly double the size of a house built here in 1985. Single-family homes are larger and more expensive than before.

95-97%
The average occupancy of apartment complexes in Orange County, according to the Apartment Association of Greater Orlando.

4-7 %
The average annual growth in rent percentage from 2014 to 2018, according to the Apartment Association of Greater Orlando.

© 2018 The Orlando Sentinel (Orlando, Fla.), Stephen Hudak. Distributed by Tribune Content Agency, LLC.




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