With inflation skyrocketing in South Florida, it's no secret that many items are more expensive. However, a report published by CBS recently dubbed Florida the least affordable state to live in the United States due to rapid population growth and skyrocketing rents.
Mortgage payments for homebuyers in the Miami metro area are approximately 83% higher than they were a year ago, according to data published by Realtor.com. It's also worth mentioning that Miami experienced the largest jump in mortgage payments out of fifteen major metropolitan areas.
"The demand in Miami has been fueled by out-of-state buyers and investors moving in during the COVID-19 pandemic, lured by the warm weather and the absence of an income tax," says a recent article published by Realtor.com. "The ability to work from home allowed many buyers to relocate. Others moved for work as some companies, including tech and finance organizations, relocated or opened up branches in the Sunshine State. And retirees and soon-to-be retirees continued to pour into the state."
To combat the rising cost of living, officials from Miami-Dade County recently launched a $70m fund to help incentivize the construction of affordable housing projects. Mayor Daniella Levine Cava made the announcement alongside several private and non-profit partners, per NBC News. County officials hope the money will spur 9,000 to 16,000 affordable housing units by 2025.
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