Florida is now considered the least affordable place to live in the entire country.
For those looking for a home in Florida, finding affordable housing may be a challenge. Click Orlando recently reported that due to soaring home prices and rent over the past year, Florida has now become the least affordable location to live in the country.
The main reason for recent major jumps in home and rent prices is a combination of low supply and high demand. This issue is even more pronounced when it comes to affordable housing, as the supply is even more depleted.
Central Florida is an area of particular concern. According to the National Low Income Housing Coalition, Orlando ranks second-worst in the country when it comes to the affordable housing shortage.
Some area theme parks are taking action in an attempt to help local service industry professionals find affordable housing. Disney recently announced that they have earmarked almost 80 acres of land to build an affordable housing development in Orange County, Florida. Universal is also working with Wendover Housing Partners to build an affordable housing community near the resort’s new Epic Universe park. The community, Catchlight Crossings, is expected to include 1,000 apartments.
These new developments are not expected to completely alleviate the affordable housing supply issue, but they are seen as an important first step. We’ll continue to be on the lookout for more updates on the Orlando housing market, so stay tuned to DFB for the latest news.
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