San Francisco, CA (PRWEB) August 17, 2007
In an effort to determine the severity of the housing affordability crisis in the state of Florida, eFinanceDirectory.com (http://efinancedirectory.com), a news hub for real estate and mortgage markets, recently analyzed the earnings of workers in some of Florida's key occupations and calculated the workers' ability to afford a median priced home or fair market rent on a two bedroom apartment.
The analysis included four major metropolitan areas, as well as five occupations that play a key role in the Florida workforce: firefighters, police officers, nurses, receptionists, and wait staff.
The results were astounding. Not only was it impossible for workers earning the average income for their field and location to reasonably afford a median priced home, it was also difficult for workers in the majority of the occupations to afford rent on a 2-bedroom apartment.
For example, in Miami, where the median priced home is $375,000, it would be virtually impossible for workers in the five occupations to qualify for a mortgage loan without some form of assistance. The Miami firefighter, who on average earns more than the workers in the other four occupations, would need to earn twice as much to be able to reasonably afford the median priced home.
In the same area, a receptionist earning the average income would need to work an unmanageable 72 hour work week to afford the fair market rent on a two bedroom Miami apartment.
Similar problems were found in Fort Lauderdale, Orlando, and Jacksonville, the other three Florida metropolitan areas included in the analysis.
The full Florida home price analysis can be found at: http://efinancedirectory.com/articles/Buyers_Priced_Out_of_the_Florida_Housing_Market.html
Other Florida housing news stories can be viewed at: http://efinancedirectory.com/article_directory/Housing_News_-_Florida.html
eFinanceDirectory.com is an online news hub dedicated to providing reliable information about real estate, mortgage financing, and property investment. The company currently focuses on publishing unbiased daily news stories that relate to the U.S. housing market.