Dealing with the Issue of Affordable Housing Concerns in Broward County

Affordable Florida housing concerns

Talk of “affordable housing” means many different things to many different people. It’s an issue of concern across Florida. According to a recent Business Pulse survey, more than half the respondents considered an affordable home to be worth less than $200,000.

If that’s the case, Broward County housing prices are a problem for many potential buyers.

Affordability is a hot topic in the business community, with employers worried about recruiting and retaining workers.

“The recent increase in home prices has been great for the old timers, but not good for young families trying to enter the market. We’ve had 10 years’ appreciation in three year’s time,” David Rose, of Rose Realty West in Cooper City, said at a recent panel discussion titled Can you afford to live in Broward County?

Rose told a meeting of the Human Resource Association of Broward County that he thought the most affordable housing had migrated from single-family homes to townhomes and condominiums.

Median price increases across Florida

Joe Kocy, director of Broward County Housing, explained the disconnect between housing costs and salaries: “The median family income in Broward is $58,000 and the median price of a three-bedroom home in January was $340,000.”

He also pointed out that land-use regulations were written for a different time of low-density living and need to be changed. He pointed to Lauderdale Lakes, which has adopted a redevelopment program that will attract $800 million in new home and business investment during the next 10 years.

But don’t look for lower costs on new construction any time soon, said Mike Taylor, president of Current Builders.

“The scarcity of land and the costs and availability of building materials show no sign of letup,” he said.

Kocy said the replacement of 800,000 homes lost on the Gulf Coast will be time-consuming, and divert capital, building materials and skilled labor from our marketplace. One developer can’t get plywood for the next six months, he added.

Taylor said his firm was turning down $100 million a month in potential business from high-rise condo construction because of a lack of skilled workers.

The issue of affordable housing is important for all potential owners to keep an eye on. Individuals interested in a reasonable Florida home loan are certainly hoping that prices in Broward County and surrounding areas come down a bit.