So, people are leaving south Florida, since the housing crash and its effect on the larger economy has made it even less tenable to live here if you're not wealthy. There's a lot of stuff in this article, but I think Scott Kimmick summed it up perfectly.
"I'm a working man," he said. "Who can afford a house at $250,000? It's ridiculous. And the wages! I worked last year in Pennsylvania and made $50 an hour, with benefits. I came to Fort Lauderdale and I made $23. The wages here don't reflect the cost of living. And they're wondering why people want to leave."Yeah, pretty much. And lest you think that $23 an hour is a lot of money, if you're talking about a 40-hour week with no weeks off, you're making $47,840 a year, gross pay, which is just barely above the median income for Broward County. And if that's the only income, then buying a house in this market is still a stretch to say the least. You can get a condo, though it'll probably be an older one in a converted apartment building. Forget getting one in one of those new developments with all the amenities.
The problem has been clear for a while. Either wages have to rise or costs have to come down, or some combination of the two, and until that happens, you'll continue to see people leave south Florida for more affordable places to live.
Labels: Florida economy