Design Highlights
- Florida’s median rent has skyrocketed by 39%, exacerbating affordability issues for low-income renters.
- The median price for single-family homes is around $411,105, limiting first-time homebuyer access.
- Over 33,200 affordable rental units are at risk of losing affordability in the next decade.
- Rising property insurance premiums and taxes are increasing overall housing costs for Floridians.
- Lawmakers are under pressure to implement effective solutions for housing market stabilization and affordability enhancement.
As Florida lawmakers scramble to address the growing affordability crisis, one thing is crystal clear: housing costs are skyrocketing, and residents are feeling the pinch. The median rent in the Sunshine State shot up from $1,238 to $1,719 from 2019 to 2023. That’s a staggering 39% increase! Meanwhile, incomes aren’t keeping up.
Housing costs are soaring in Florida, with rents jumping 39% while incomes lag behind.
Surprise, surprise. Over a million new households have popped up in Florida during this time, with about 200,000 of them being renters. But guess what? The supply of affordable rentals is lagging behind.
With nearly 905,000 low-income renter households facing severe cost burdens, it’s pretty clear that many are living on the edge of housing instability. Sure, the median price of single-family homes is finally showing signs of softening, hovering around $411,105 in October 2025. The Florida housing market shows stability as it enters 2026, thanks to mortgage rates that have declined from an average near 6.8% to about 6.2%.
But let’s not kid ourselves; that’s not enough to offer any real relief. Meanwhile, condos and townhomes are sitting on the market for over nine months in many areas. So, if you’re in the market for one of those, congratulations! You’re in a buyer’s market.
But what about the everyday Floridian? About 79% of renter households have at least one employed adult. It’s not a job problem; it’s a cost problem. The risk of eviction and displacement looms larger than ever. Approximately 29,848 individuals are currently homeless in Florida, highlighting the dire need for affordable housing solutions.
And with only about 314,200 income-restricted affordable rental units available, the demand is through the roof. To make matters worse, over 33,200 of those affordable units are at risk of losing their affordability over the next decade.
Homeownership? Forget it. The median age of first-time homebuyers in Florida hit 38 years in 2024, the highest on record. First-time buyers are barely making a dent in the market, accounting for just 21% of purchases.
Meanwhile, equity-rich homeowners are living the good life, free to move and trade up. The divide is deepening, and it’s not pretty.
Insurance and taxes? They’re hitting hard too. Rising property insurance premiums and property taxes are cranking up total housing costs. Florida homeowners are facing average insurance premiums of around $2,450 annually for $300,000 in coverage, well above the national average of $2,424.
Investors are pulling back, with purchases plummeting by 50-70% in major metros. Lawmakers are feeling the pressure. They’ve got to do something about the insurance market stability, or else affordability will remain a distant dream for many Floridians.
