Florida is experiencing a housing crisis that primarily affects the millennial generation. Individuals aged between 28 and 43 are finding it challenging to afford either median home prices or rents, especially in South Florida. This crisis originated during the Great Recession of 2008 and worsened after the 2020 COVID-19 pandemic, have presented a significant obstacle for millennials who are starting families and aspiring to achieve the American dream.

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Ed Murry, an economist from the FIU Metropolitan Center, explained that “$100,000 annual income, combined with a partner, is somewhat of a benchmark for the middle class. However, even with this income, they cannot afford a home in Miami-Dade,” Murry also noted that millennials are more mobile than older generations, “They are starting to relocate to other metropolitan areas where they can afford to purchase their first home.”

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A recent study using IPLUMS data revealed that 1 in 5 millennials must reside in their parents' homes. Miami is the 6th city that has the most multigenerational homes in the country. Additionally, 40% of millennials said that they don’t believe that their situation will improve within the next two years. This crisis continues to impact millennials and GenZ, whose situations seem less exciting. 

Florida has established numerous resources to aid with the housing affordability crisis. To determine eligibility and apply for assistance, visit https://www.hud.gov/states/florida/renting