The rent is too high ... and it’s going up


  • September 23, 2015
  • /   Ron Stallcup
  • /   economy

Work is underway at Railroad Junction new residential development on Alcaniz St. in Pensacola Fla., Thursday, October 30, 2014. (Michael Spooneybarger/ Pensacola Today)

National data shows that the hunt for affordable housing will become tougher by 2025, something that is likely to hurt the Pensacola metro area.

The issue of affordable housing is key to the quality of life in the Pensacola metro area. Rent-burdened homes — the percentage of people who spend more than 30 percent of their monthly income on rent — is one of 16 key metrics in the Studer Community Institute's Pensacola Metro Dashboard.

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The dashboard, created in consultation with the University of West Florida's Office for Economic Development and Engagement, is an at-a-glance look at the social, economic and educational well-being of the community.

You'll notice that while the figure for the metro area — Santa Rosa and Escambia counties together — is 50.6 percent, the Escambia figure is 57.2 percent; the Santa Rosa figure was 49.9 percent.

Earlier this year at the annual affordable housing summit sponsored by Habitat for Humanity, the Institute reported that the Pensacola area is 3,000 housing units short of the units required to meet the need for affordable housing.

A story by CNBC reporter Leslie Shaffer | @LeslieShaffer1 shows that this burden likely will get heavier.

Think rents are getting unaffordable? It's about to get even worse, a new study has found. The number of households severely burdened by rent—or those spending more than 50 percent of their income on rent—is set to rise at least 11 percent from an estimated 11.8 million this year to 13.1 million by 2025, with the largest increases expected among older adults, Hispanics and single-person households, according to new research from Harvard University's Joint Center for Housing Studies (JCHS) and Enterprise Community Partners.

More than one in four renters, or around 11.2 million households, were severely burdened, according to 2013 data, up by more than 3 million since 2000, the study noted. Adding in those facing "moderate" burdens—or spending 30-50 percent of income on housing—brings the total to just under half of all renters, the study said.

You can read more of the story here.

 
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