Housing crisis

South Florida is experiencing a severe housing crisis. What is the search for a new home? | Nation

The pandemic has exacerbated a longstanding housing affordability crisis in Miami-Dade County, leaving newcomers and residents alike challenged to cope with historically high prices and rents.

According to the Miami Association of Realtors’ latest sales report, aspiring home buyers are still facing double-digit annual increases in the median sale prices of homes and condos. Those waiting on the sidelines have found little consolation – prices have risen every year for nearly 11 years.

Many would-be buyers are opting to rent, waiting for the market to cool, or simply can’t afford a home in the county’s overheated real estate market. However, they haven’t found the expensive rental side of the market any less challenging since the end of 2020. Monthly apartment rents jumped 27% in Miami-Dade, based on Zumper’s latest Miami Metro Report. And that’s after residential rents have offered little to no respite over the past two years.

The surge in house prices and rents is mainly due to strong demand from newcomers from across the country, especially the Northeast, for a dwindling supply of houses, condos and apartments.

So how did long-time residents manage to find housing? Some bite the bullet and pay a higher mortgage or monthly rent, while cutting other expenses. Some leave the county, move elsewhere in the state, or leave Florida altogether.

Business owners are also taking note, especially those in the more expensive rental markets like Miami Beach and Edgewater. They are struggling to hire essential workers and this is causing stress in running their businesses.