Only about 8% of households in Broward County, Florida can afford a single-family home at the median sale price, according to a new study.
Based on spending the recommended 30% of income on housing, a home at the median sale price for Broward County, around $545,000, is far out of reach for almost all residents in South Florida, according to a preliminary assessment from researchers at Florida International University. Experts involved are concerned about the effects on the regions economy, particularly for workers in the hospitality and service sectors.
“It’s just become so excessive, really, it’s almost paralyzed the housing market for anyone who actually lives and and works in Broward County,” said Dr. Edward Murray, associate director of the Metropolitan Center at Florida International University and author of the study. “Local residents have been completely removed from the market, certainly from a purchasing standpoint.”
