AREA OF FOCUS
AFFORDABILITY
Ensuring affordability is crucial to maintaining Miami’s growth and vibrancy, allowing people from all walks of life to thrive without the burden of disproportionate living costs.
WHAT’S THE ISSUE?
Miami has become one of the least affordable cities in the U.S.
TODAY
By various measures, Miami has become one of the most unaffordable housing market in the nation. Because of the sharp jump in housing costs, Miami has the highest population of cost-burdened residents among its peer cities in the United States. Approximately 61 percent of renter-occupied and 33 percent of owner-occupied households are cost-burdened, spending more than 30 percent of their income on housing expenses.
MIAMI 2035
Over the next decade, Miami is projected to need at least 175,000 new housing units, especially affordable and workforce housing stock. To meet this need and ensure Miami remains a place of economic opportunity where residents enjoy a high quality of life, Miami needs bold, integrated housing and mobility strategies. To improve affordability, Miami could, among other interventions, expand rapid transit corridors, create a clearinghouse that prioritizes affordable and workforce developments, better utilize public land, and expand financing of new affordable and workforce developments.