OAN’s Abril Elfi
6:22 PM – Tuesday, August 1, 2023
Miami-Dade County saw the first population decline in the region’s history as a result of rising home prices.
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According to data analyzed by a nonprofit public policy organization, between 2020 and 2022, Miami-Dade’s population decreased by 79,535 as a result of migration to other regions of Florida or other states amid high home prices.
Data released by Zillow showed that Miami’s home prices have also increased by 53% since June 2020, and rent has increased by 27% since 2019.
It was reported that 61% of renters pay 30% or more of their salary to maintain a roof over their heads.
According to the press, individuals making up to $150,000 a year are even struggling to get by.
Real Estate Broker Jose Perez claims that he has lost half of his clients who earn between $70,000 and $150,000 annually because they are living paycheck to paycheck.
The Wall Street Journal (WSJ) reported that a couple recently sold their 1,000 square foot Miami home to relocate to a larger property in Ocala, Florida, which is nearly a four and a half hour drive.
However, the husband is still forced to commute back-and-forth to Miami each week to work as a barber, and the wife is having trouble finding employment opportunities in her new neighborhood.
Maria Ilcheva, the census information center lead at Florida International University, expressed her opinions on the matter.
“It’s the middle class. It’s our talent base. It’s our college graduates moving out for better opportunities elsewhere,” Ilcheva maintained.
Miami was already one of the most expensive cities in America to live in prior to the pandemic. In June, the region’s annual consumer-price inflation was 6.9%, which is more than double the national rate.
Florida Governor Ron DeSantis reportedly signed legislation in March of this year with the hopes that developers could produce more affordable housing to help solve the county’s concerns.
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