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2017 2022
Source: MIAMI Association of Realtors South Florida
Source: https://www.zillow.com/research/data/
60 | Page
on Friday, September 30th. Should the program be reauthorized, it is
anticipated that 80% of Floridians will see a price increase with the
recalculated NFIP policies. Insurance is undoubtedly a major area of
concern for the affordability of housing in South Florida. Many factors
combine to play a significant role in escalating insurance premiums.
What is clear is that significant reform is needed.
Note: Hurricane Ian landed in Florida as this report was being finalized. As a
result, there is no reference to Hurricane Ian in this report.
Homelessness
The U.S. Department of Housing and Urban Development releases the
Annual Homeless Assessment Report to Congress providing a pointin-time snapshot of homelessness – both sheltered and unsheltered –
on one night. This count is conducted during a ten-day period in
January. The 2020 Count is the last count that included both sheltered
and unsheltered homeless due to COVID limitations in the 2021 Count.
In 2020, it was estimated that roughly 580,000 people were
experiencing homelessness in the United States. Realtor.com reported
in March 2022,65 that the Miami-Florida Lauderdale-West Palm Beach,
Fl experienced a year over year average increase of 57.2% in overall
median rent with some communities in South Florida experiencing rent
increases of 60%, 70%, or more.
Although, homelessness has been decreasing in the region in recent
years, the region should prepare for increasing homelessness as the
working, middle-class is forced out of housing.66 Strategies include,
and are not limited to, rapid rehousing, rental assistance, enhancing the
population’s access to public benefits, increasing shelter beds,
employment training, transportation, and mental and general health
services.
According to the American Society on Aging, the fastest growing
population of homeless are people ages 65 and older. It is estimated
that by 2030 their number will triple.67 In November 2021, the Miami
Herald68 reported that those over 60 now account for 1 in 4 or 25% of
the county’s homeless population. They moved to South Florida to
retire and found that the cost of living outpaced their savings. South
Florida’s condominiums, many of which are inhabited by incomeconstrained elderly, are a source of affordable housing. The tragic
Champlain Tower Condominium collapse on June 24, 2021, in the
Village of Surfside Beach in Miami-Dade County, highlighted a silent
crisis unfolding throughout many regions of the state due to lack of
sufficient management and maintenance investments in older
buildings. The significant investment needed to rehabilitate this
housing stock requires high-cost special assessments which will force
many residents out of their homes, particularly those on fixed incomes.
The Average Cost of Homeowners Insurance
$150,000 home $300,000 home
US $1,413 $1,784
Florida $2,043 $4,086
Miami $5,695 $11,390
Fort Lauderdale $4,688 $9,376
Key West $4,966 $9,931
Sources: clovered.com; National Association of Insurance Commissioners,
nerdwallet.com
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Source: Florida Health Charts69
Transportation
Florida’s Strategic Intermodal System
Florida’s Strategic Intermodal System (SIS) is the backbone of the
region’s overall transportation, playing a vital role in the region’s
economy by moving both people and goods. It is a high priority
network of transportation facilities established to focus resources on
transportation facilities of statewide and interregional significance.
Along with Florida’ Turnpike Enterprise, the airports, seaports,
waterways, rail corridors and terminals, urban fixed guideway transit
corridors, and highways designated as part of the SIS are the
workhorses of South Florida’s transportation system. The Florida
Department of Transportation (FDOT) investments in the SIS,
leveraged with additional regional, local, and private sector funding,
have enabled the region’s economy and communities to continue
thriving. Statewide, FDOT has invested more than $13 billion of state
and federal funding into the SIS since it was created in 2003.70
For the SFRPC region, the U.S. 1 corridor, which connects the more
urbanized areas of the region to the southernmost point of Monroe
County in Key West, is the only transportation corridor that runs the
entire length of the region. This connectivity is particularly important
to Monroe County for emergency evacuation, transportation, trade,
tourism, and members of its workforce, many of whom travel from
outside of the county to work because they are unable to find
affordable housing locally. This vital corridor requires both transit and
resilience investments to ensure the region’s continued connectivity
and economic growth.
62 | Page
Mobility
The regional mobility network is integral to economic prosperity and
growth. It provides vital access to opportunity and upward mobility,
when available. Regional congestion, on the other hand, can have
dampening effects on the economy with significant consequences.
Longer commute and trip times, slower speeds, and safety issues have
raised the cost of doing business and threaten the region’s productivity.
The Miami Urbanized area mean time travel to work is 29.9 minutes,
about 10 percent higher than the U.S. Drivers in the Miami Urbanized
Area lose up to 105 hours in traffic annually71 as of 2019, costing the
region $4 billion with an annual cost to individual drivers of $1,470.
Research shows that additional time spent commuting is detrimental
to personal well-being and worker productivity with financial
implications for the region as well.
The regional mobility challenges are a call to innovation and
investment, so that the network may continue to be a driver of
economic development. Robust regional transit is key to support