New research highlights an alarming trend: Florida seniors face immense challenges due to escalating rent prices, making them one of the most affected groups in the U.S. The data reveals that a significant portion of older Floridians are experiencing severe financial distress in maintaining their housing.
The recent survey conducted by Retirement Living underscores a concerning trend where over 35% of Florida seniors aged 65 and older report feeling ‘pressured’ to relocate in the past six months due to rent hikes. This is nearly three times the national average of 12.3%, posing a grave concern for those on fixed incomes.
The median rent price in Florida stands at $1,719, surpassing the national median of $1,406. As a result, many seniors are compelled to leave their current residences in search of more affordable options, according to Jailyn Montero, spokeswoman for Retirement Living. “With inflation and rising rents, it becomes exceedingly stressful for seniors to manage unexpected financial burdens,” she explains.
Broward County presents a stark example of the housing crisis, with an estimated shortage of approximately 73,000 affordable housing units and a further 74,000-unit gap in affordable rentals. Since 2016, rent in Broward has surged by 70.5%, with a notable increase of almost 39% from 2021 to 2022 alone. The average rent in 2022 was reported at $2,693, a significant jump from $1,942 the previous year.
The survey indicates a dire economic situation where 12.1% of seniors in Florida are living below the poverty line, exacerbated by rising rents that put many at risk of displacement. Montero notes, “Rising rent and inflation affect us all, but it’s especially burdensome for seniors on fixed incomes.” This demographic is the fastest-growing group facing homelessness, as highlighted by the Harvard Joint Center for Housing Studies.
Efforts to address the issue include a $3 million grant awarded for the development of Boulevard Gardens, a 92-unit senior housing project in Broward County near Fort Lauderdale. Ralph Stone, the director of Broward County’s Housing Finance Division, highlights similar initiatives that, since 2018, have added over 1,500 units for senior citizens. “,We are one of the least affordable metro areas due to high housing costs,” Stone points out, noting that the lack of a sufficient nest egg is a pressing challenge for many seniors in Broward County.
The city of Miramar is also contributing to solutions, offering a $656,000 loan to support the Pinnacle at La Cabana project, a five-story, 110-unit affordable senior housing development. Expected to open in 2025, this project is further complemented by another 100 units of senior housing planned in Fort Lauderdale by the same developers.
Retirement Living’s findings derive from the Household Pulse Survey by the U.S. Census Bureau, which involved nearly 8 million older Americans, including over half a million from Florida. Alarmingly, 188,042 Floridian seniors reported that rent increases forced them to move, pointing to the broader impact of the state’s housing crunch.
The ongoing increase in rent prices poses significant challenges for Florida’s senior population, many of whom live on fixed incomes. While local governments and developers are initiating housing projects to alleviate the crisis, the demand for affordable housing remains a pressing issue. Effective solutions are essential to ensure that the elderly can maintain secure and stable homes.
Source: FloridaRealtors
