Florida’s housing crisis is pricing out the people who make the state run

In 2022, the U.S. Census Bureau found that Florida had become the “nation’s fastest-growing state for the first time since 1957.” Between 2010 and 2020 alone, Florida added more residents than almost any other state in the country. Over that same period, housing affordability became an increasingly pressing challenge nationwide, as the cost of living rose, with particular pain from the cost of housing and property taxes.

Today, the housing market is no longer working for many families. Home prices have risen sharply in many communities, and the total cost of owning a home has climbed as well. Property taxes, interest costs, and closing-related expenses all contribute to higher monthly and upfront costs, placing growing pressure on household budgets.

These pressures are not limited to people trying to buy their first home. Current homeowners are also feeling the strain. Rising property taxes and insurance costs are driving up monthly expenses, while higher upfront costs make it harder to refinance or adjust to changing financial circumstances. For families who expected homeownership to provide stability, the cost of simply staying put has become harder to manage.

Demand for housing has outpaced supply in many communities, driving up prices and intensifying competition. Even as market conditions cool in some areas, affordability remains out of reach for many families who work in our schools, hospitals, small businesses, and service industries due to high closing costs and property taxes.

As a result, both first-time buyers and long-term homeowners are facing tougher trade-offs. Some are delaying homeownership altogether. Others are postponing financial goals, cutting back on savings, or reconsidering whether they can afford to remain in the communities where they work and raise their families.

Florida’s economy cannot thrive if the people who make the state run cannot afford to live here. Maintaining affordable housing near job centers is crucial for sustaining strong communities, a reliable workforce, and long-term economic growth. Addressing affordability does not require a single sweeping solution, but it does require a focus on practical ways to reduce unnecessary costs and barriers across the housing system.

Florida policymakers have a unique opportunity to lead at the forefront of these challenges. By taking a closer look at the full cost of owning a home – and identifying common sense opportunities to lower those costs – the state can be at the leading edge of homeownership affordability for the families who call Florida home.

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Jeff Brandes is a former state Senator, Founder & President of The Florida Policy Project. a non-profit, non-partisan research institute dedicated to improving policy outcomes across Florida’s most pressing challenges, including housing affordability, insurance reform, criminal justice, and transportation. Guided by evidence-based research and best practices from other states and contexts, FPP strives to equip policymakers and the public with rigorous analysis that leads to better decisions and measurable results.