It is estimated that one quarter of all U.S. residents spend 50 percent of their income on rent and utilities. For renters in Florida, however, the situation is even worse. Over the previous five years, rental rates all across the state have gone through the roof. The rate that rental housing prices have increased throughout this period has doubled that of hourly wages.
A recent study revealed that approximately one-third of Sunshine State residents spend over half of their income on rent and utilities. This makes it extremely difficult to pay off debts and stay current on other bill payments. As a result, people aren’t saving money either, which makes paycheck to paycheck living more prevalent than ever before. Renters often have to debate over either paying their rent on time, or keeping food on the table.
Foreclosure crisis to blame
The foreclosure crisis has also forced many families into rental properties, since they can no longer obtain a home loan. This migration to rentals has not only driven rental prices higher, but also left fewer units vacant for low wage workers and young professionals who are just entering the workforce. Competition for rentals is sky-high, as all three of these segments of the population are constantly fighting over the limited available units on the market. As a result, landlords now have a distinct advantage in the bargaining process.
If you find yourself embroiled in debt and don’t know where to turn, Graham Legal can help. Our firm is made up of caring individuals who can point you in the right direction after becoming acquainted with your specific financial situation. We invite you to schedule an initial consultation with a Miami foreclosure attorney today and let us help you navigate the path to a more stable financial future.