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Why the United States considers Miami, Florida to be the "earthquake" of the housing crisis

The Byden administration, as thebustling South Florida metropolishas,Miami is the "national housing crisis" The demand for rental units available has skyrocketed.

"I decided to go to Miami, the center of the country's housing crisis," said Marcia Fudge, Secretary of Housing and Urban Development, in Miami Herald. Said during the visit. on tuesday.

The Biden administration helps private developers renovate public housing estates as part of a $ 390 million plan that includes subsidized housing for low-income earners and rent caps. doing.

The federal government provides most of the funding for Miami Dade's public housing projects in the form of Section 8 rental vouchers for low-income tenants.

According to RentCafe, Miami is one of the most competitive rental markets in the country..

Miami-Dade County has some of the highest rent prices in the country.
AFP via Getty Images

Per vacant rental unit in Miami Dade County There are 31 future lessees in line to sign the lease agreement. This is more than double the national average of 14 future renters per vacant unit.

Miami has the fifth highest rent national ranking. A one-bedroom apartment in Miami will bring back tenants by about $ 2,400 a month. This is a significant 25% increase from a year ago, according toZumper ’s.

New York City is the most expensive place to rent a one-bedroom apartment in the country. Monthly price tag — $ 3,600.

A surge in demand to live in the area coupled with a scarcity of vacant units has fueled soaring rent prices.
Bloomberg via Getty Images

Recent research shows that Miami-Dade is not the only rent The location of Florida soaring.

Joining the other two counties of South Florida, Broward and Palm Beach, rents in Miami's metro area jumped to almost one-third.

According to a report released earlier last year, Fort Myers rents soared by more than 31%, in Tampa by more than 28% and in Orlando by more than 24%. Florida Atlantic University and Florida Gulf Coast University.