TAMPA, Fla. (WFLA) — Four Florida cities are among the most “housing poor” in the United States, according to a recent report from the Consumer Affairs Agency.
Chase said homeowners who spend a significant portion of their monthly income on housing are considered “housing poor.”
“As of 2024, more than 18 million Americans will be living beyond their budget due to rising housing costs and mortgage payments,” the bank said.
“For me, house poverty means being able to own a home, but being so overwhelmed by the mortgage that you can’t afford other priorities like health care, savings, or even hobbies,” said Nico Real, a real estate agent with Texas-based real estate company The Real Estate Ranch.
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So which city in Florida has the most “house poor”?
After analyzing census data from 2024 U.S. cities with populations of 175,000 or more, the Consumer Affairs Agency announced that it used the 28% affordability benchmark as a guide to rank cities by the percentage of median homeowner income spent on housing costs.
According to the report, Hialeah is the most “housing poor” city in America.
“Housing costs in Hialeah are approximately $2,200 per month, which is only 7.5 percent higher than the national average. However, many residents do not have the income to comfortably manage these costs,” the report states. “Hialeah has the lowest median household income of all the cities we analyzed, more than a third (34%) below the national median.”
Miami, Pembroke Pines and St. Petersburg also made it into the top 10 most housing-poor cities.
See the rankings below.
The report says homeowners should follow the 28/36 rule to determine “how much home” they can buy.
“You should spend no more than 28% of your monthly income on housing costs, and no more than 36% on all debt payments (credit cards, student loans, car tickets, mortgage payments, etc.),” the report says.
To avoid being considered “housing poor,” homeowners should stick to the 28 percent rule, factor in hidden costs such as property taxes, home insurance and HOA fees, leave room in their budgets, consider mortgage loans and avoid getting carried away when their “dream home” appears, the Consumer Affairs Agency said.
