When a homeowner is faced with foreclosure, it is common for him to feel embarrassed and isolated. However, the current economy in Miami-Dade is anything but stable, and prohibits many from having the necessary sustainable household income to afford ongoing mortgage payments, as the latest financial statistics show.
Increasingly high rent prices, public transit shortcomings, and the prevalence of student loans all attribute to the poverty level in Miami-Dade County. In a community where one-third of preschoolers actually live in poverty, the county’s lowest earning residents bring in less than $170 per week.
Another reason poverty seems to be prevalent in Miami-Dade is the economy structure. South Florida’s entire economy is heavily reliant on tourists and seasonal visitors. Many of the employment opportunities are seasonal and/or in the service industry, rather than year-long jobs with benefits. Below are some further staggering statistics pertaining to poverty in Miami-Dade:
- According to a recent study, one out of every five households in the county live below the poverty line. In Miami-Dade, a family of four that earns below $23,625 a year is considered to be living in poverty. Approximately 541,000 out of the 2.5 million Miami-Dade residents do not hit this mark.
- Miami-Dade has one of the highest poverty rates in the country. Of the 257 counties possessing over 250,000 people nationwide, the county of Miami-Dade is more poverty-stricken than all but 26.
- Only approximately 40 percent of the county’s population lives comfortably. In Miami-Dade, families of three who bring in over $54,100 annually are considered financially stable. 60 percent of households fall below this level.
- The African American population in Miami-Dade has the greatest poverty problem. 29 percent of all black residents currently live in poverty. This number is 21 percent for Hispanics, and 12 percent for white non-Hispanics.
Poverty in Miami-Dade is certainly one of the county’s most pressing issues, and property foreclosures do not fall far behind. If you are currently in a foreclosure case or think you may be in danger of being foreclosed upon, Graham Legal would love to meet. We invite you to schedule an appointment with one of our knowledgeable Miami foreclosure defense attorneys to learn more about your options.