09-05-2025
Why is it so hard to afford a home in South Florida? See the challenges
South Florida Why is it so hard to afford a home in South Florida? See the challenges
South Florida's housing market remains tough for many residents, despite new developments like Soleste Hollywood Blvd and renovations of iconic sites such as the Hollywood Bread Building. Although rents have started to drop in areas like Miami, the income needed to afford even basic apartments far exceeds what most people earn — with a nearly $38,000 gap between the income required and typical renter earnings. Programs from local banks, such as OneUnited's forgivable down payment loans, aim to bridge the ownership equity gap but only help eligible first-time buyers.
Living wage requirements are climbing, with singles and families alike needing much more income each year just to cover essential costs in Miami-Dade. Affordable options like University Station and Sawyer's Walk are emerging, yet high-end developments dominate, highlighting the mismatch between new supply and the growing demand for reasonable housing.
Soleste Hollywood Blvd at 2001 Hollywood Blvd is pictured hovering among existing buildings on Sunday, Sept. 15, 2024, in Hollywood, Florida, as the city shores up its housing needs with development in its downtown area in an attempt to address the city's affordable housing needs. By Carl Juste
NO. 1: EVEN AS HOLLYWOOD BUILDS MORE APARTMENTS DOWNTOWN, AFFORDABILITY REMAINS A CONCERN
A look at what is coming and why it might not be enough to ease housing pressure | Published October 4, 2024 | Read Full Story by Raisa Habersham
OneUnited Bank in West Little River is working with first-time homebuyers to make homeownership a reality. By MATIAS J. OCNER
NO. 2: SAVING FOR A DOWN PAYMENT IN MIAMI? A BLACK-OWNED BANK IS OFFERING FORGIVABLE LOANS
A new program offered by the Black-owned OneUnited Bank is offering certain first-time homeowners in Miami forgivable loans of up to $50,000. | Published January 27, 2025 | Read Full Story by Michael Butler
A view of a resurgent Northeast Second Avenue in the heart of Miami's Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal
NO. 3: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS
Here's a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen
Marina C., 30, lives in a one-bedroom apartment in South Miami-Dade with her husband and four children. They struggle with high rent and low wages, leaving them with limited funds for essentials like furniture, a larger apartment, baby items, clothing, food and a computer for their children. Marina reflects on seeking a better life while caring for her two-month-old son, Anthony J., on Dec. 18, 2024, in a Miami Herald Wish Book story. By Carl Juste
NO. 4: HOW MUCH DOES YOUR LIVING WAGE NEED TO BE TO MAKE IT IN MIAMI? HINT: IT'S GOING UP
Here are 2025 Living Wage figures for Miami-Dade and Florida. | Published March 24, 2025 | Read Full Story by Howard Cohen
The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
