Broward’s median sale price is almost nine times the median salary in South Florida, according to Murray. In a normal market, the ratio should be 3:1.
The median salary for owner households in South Florida is $74,405. Spending 30% of their income would allow them to afford a home that costs around $223,215, less than half the median sale price of a home in Broward County.
—A salary of $60,922 can afford a home priced around $182,766
—A salary of $90,030 can afford a home priced around $270,090
—A salary of over $180,000 could afford a home around $545,000
According to one of the critical findings of the paper, the gap between income and housing prices could damage the larger regional economy. ”Broward County’s economic competitiveness, resilience and quality of life are at risk – [with] impacts on Leisure & Hospitality, Healthcare, and Retail sectors reliant on service sector workers along with major institutions – hospitals, public schools, colleges, and universities.”
To afford a single-family home at the median sale price, the average household combined income would need to be close to $200,000 annually. Salaries for service industry and hospitality workers often don’t match that, according to numbers from the U.S. Bureau of Labor Statistics.
—Waiters/Waitresses: $29,120
—Retail sales person: $30,410
—Firefighter: $68,000
—High school teacher: $69,140
—Registered nurse: $74,220
The study suggests that these workers, who service the community, will struggle to afford housing. South Florida is entering unchartered territory when it comes to the housing market, said Murray. Not only are housing prices out of reach for many people, but it’s also becoming nearly impossible for renters to afford to be able to live here. Before the housing market took off in 2021, the biggest question renters faced was how cost burdened they would be in order to pay rent.
country is a joke
