Published on June 12, 2023 at 2:39 pm
Rents in the Jacksonville area have grown so high that the typical family can’t afford them, new data shows.
A family would need almost $71,000 in annual income — far more than the median pay — to comfortably afford the average rent, which stood at $1,775 in April, according to a report by Florida Atlantic University and two other schools.
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The median household income in Jacksonville is about $58,263 — 18% less than needed for the average rent.
The finding highlights the persistence of the housing affordability crisis in Jacksonville and across the country. A shortage of rental units has pushed prices out of reach for many renters, and the situation is compounded in Florida as more people move into the state.
Until more apartments are built and people make more money, the situation will not improve, researchers said.
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“This data illustrates perfectly what we’ve been saying about an ongoing housing affordability crisis,” said Ken H. Johnson, an economist in FAU’s College of Business. “Rents aren’t coming down significantly, if at all, so until incomes increase sharply, consumers in much of the country will continue to do without basic needs.”
Nationwide, the average renter needs to make nearly $81,000 a year, according to the report. The biggest burden is in San Jose California, where a family needs to make $131,563 to afford the average rent, which is $3,289 per month.
Renters in 11 markets must make six-figure salaries to avoid being “rent-burdened,” which means spending more than 30% of one’s income on rent.
Renters may be forced into unusual living arrangements to cope — such as taking on roommates or moving in with family, said Bennie Waller of the University of Alabama, who joined Johnson and Shelton Weeks of Florida Gulf Coast University in the study.
“In the past, the nation has dealt with unaffordable housing in the short run by moving in together,” Waller said. “This is what seems most likely once again.”
There was some good news for Jacksonville, however:
- Rents here fall in the middle of the pack nationwide, the study says. They rank 43rd highest of 100 metro areas.
- Average rent here was the smallest of nine cities in Florida. Lakeland renters pay an average of $1,903; Deltona, $1,928; Palm Bay, $2,007; Orlando, $2,071; Tampa, $2,119; Cape Coral-Fort Myers, $2,323; North Port, $2,476; and South Florida, $2,805.
- Rents in Jacksonville have increased more slowly than in much of the country, the FAU study found. The average rent in Jacksonville has risen 3.85% in the past year, the 28th smallest percentage among 100 cities. Rents in Cape Coral went up the most in the country: 13.14%.
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