Lack Of Affordable Housing Strains Work Force

PALM BEACH, FL - More workers are financially stressed by the limited amount of affordable housing in Palm Beach and Martin counties than in 2000, a new study commissioned by the Community Foundation for Palm Beach and Martin Counties found. According to the study, rental inventory in Palm Beach and Martin counties is the principal source of available housing for low and moderate income households. Since 2000, however, the supply of affordable rental housing shrank, as nearly 16,000 rental units became condominiums in Palm Beach County and 663 rental units converted in Martin County.

Since 2000, the study said, the number of renter households that are "extremely" cost-burdened, meaning that the rent payment exceeds 50 percent of monthly gross income, increased 42 percent, to 34,845 from 24,528, in Palm Beach County and 39 percent, to 2,548 from 1,829, in Martin County.

The study also noted that rent affordability gaps are substantial in many cities with high concentrations of the resident workforce, and that the expiration of tax credits will impact 1,016 existing affordable rental units by 2010.

"The Community Foundation has been working to build awareness of affordable housing issues in our community for a number of years," President and Chief Executive Officer Shannon Sadler Hull said in a news release. "We believe that the compelling findings from this study provide solid information that a wide range of government entities, individuals and organizations, including ours, can use in our efforts to find solutions to these pressing concerns."

The study will be presented on April 2 during "The Rental Housing Challenge: Developing Economic Solutions for Community Growth" a workshop presented by the Housing Leadership Council of Palm Beach County.