Passin' On Paradise: South Florida's High Cost of Living is Driving People Away

From today's Miami Herald: "Recruiting workers and keeping them has become increasingly challenging for South Florida employers, as home prices have soared out of reach even for many two-income households."

Scary Stats:

• Incomes rose here by 28% between 2000 and 2006. The $39,900 median income has been "all but gobbled up by the rise in property taxes and insurance alone."
• Property tax on a median-priced home rose to $8,011 last year from $3,505 in 2000.
• Between 2000 and 2006 the median home price rose 172 percent to $375,800 in Miami-Dade.
• Only 1 in 10 homes sold in Miami-Dade was affordable to a family earning the median income.
• Turnover of prosecutors at the Miami-Dade state attorney's office is approximately 20% per year because they can't afford to live here.
• To recruit doctors and research scientists, the University of Miami is kicking in up to 50% of the purchase price of a home-- up to $300,000-- in exchange for a stake in the property. When an employee sells the property, the university shares in the equity appreciation.
• Nurses and other skilled medical workers can't afford to live here. Baptist Health has bought a large Kendall apartment complex which it is renovating to offer as discount rentals for hard-to-fill positions such as nurses.

As MVB has been saying for over a year now, it's scary out there and getting worse.

UpDate (9/12): Today's Miami Herald reports that nearly a quarter of south Florida homeowners spend at least half of their income on housing. Miami-Dade had the highest rate in the U.S. (24.9% spend 50% of income on housing).

UpDate (9/20): And it keeps getting worse. Today the Miami Herald reported south Florida housing costs rose 8.4 percent in July and August-- the fastest rise in 25 years-- while overall costs rose 3.7 percent.

UpDate (5/15/08): Today the Miami Dade County Commision will vote on whether or not to increase funding the North Terminal by another $64.3 million in order to finish the baggage handling system ($43.5 million) and the automated people mover ($20.8 million). How can they say no? And so it goes.