No choice but to move in with mom and dad
A TikTok user from Florida has released a video on the social media platform, that's currently going viral, suggesting that she's hit a nerve amongst the public. The topic of the video - what she terms Florida's housing crisis.
The video has been posted on TikTok by user @kimberley_mariec. In it, she describes her plight as a working person in Florida, a university graduate who has recently received her rent renewal that will take her rent up from $1200 per month, to over $2000 per month.
That's an increase of $900 or 75%.
With such an increase being entirely unaffordable, she has little option other than to move back in with her parents. Many others in the state are facing a similar situation, and many others are less fortunate and are actually at risk of homelessness in spite of working and earning money.
Record rent increases in Florida
Recent surveys from late April have highlighted the scale of the problem. According to realtor.com Miami was cited as one of the most expensive cities in the U.S. to live - with average rents rivalling Los Angeles at $2,930 per month.
According to Nikki Fried, a potential Democratic challenger to Governor Ron DeSantis in this year's gubernatorial election, much of the blame for the current crisis lays at the feet of Governor Ron DeSantis. Fried points out that DeSantis has been in part responsible for gutting the state's Affordable Trust Fund. In recent years that's meant that $2.3 billion that should have been spent on affordable housing in the state, has been withheld or used elsewhere.
Meanwhile, with rent increases in the last 12 months of 66% in Miami, 41% in Fort Lauderdale and nearly 30% in Tampa and Orlando according to a recent report from apartmentlist.com, many Floridians are left with little option other than to pay the rent demanded by landlords or to run the risk of homelessness.
No rent control and rapid population growth
The problem appears to stem in part from the record numbers of Americans who are moving to Florida from states like California and New York, increasing demand for housing which is allowing landlords to push up rents. the other issue is that there is no rent control in the state which means that rents can be increased without restriction.
In early April, Fried stated that if elected governor, her first action on day one would be to declare a state of emergency in regard to the housing situation. She would introduce rent control, property tax breaks for owner-occupiers and better protection of the Sadowski fund intended to create affordable housing.
More Americans than ever are moving back with mom and dad
Faced with rising rents and the threat of homelessness if they cannot pay, many millennials are now faced with little option other than to move back in with their parents.
A recent survey by Pew Research Group reports that record numbers of Americans now live in multi-generational homes - where adult kids have moved back in with their parents. The survey reports that the number of adults living with their parents has quadrupled compared to the 1970s. Nearly one third of Americans aged 25-29 now live with mom and dad and this is largely seen as due to the spiralling cost of living and rents that are out of reach.
As long as rents in Florida increase it seems likely that more young adults will be faced with little choice other than to rely on their parents for help.
Have you seen your rents increase by unaffordable amounts? Let me know in the comments section below.