Gulf Development Group understands that a home is considered affordable when a household is able to maintain the home on less than 30% of household income. Today, it is not uncommon for families working in Florida to spend upwards of 50% to 60% of their household income on housing related expenses. And a first time homebuyers earning anywhere near median income for the area of the State in which they live, have virtually no hope at all of qualifying for a mortgage to purchase a home.
Today, communities statewide are experiencing the loss of "essential" community workers, because of the lack of affordable housing within the community. Essential community workers include occupations such as: policemen, firemen, teachers, nurses, and similar occupations. And all of these occupations are certainly vital to a community’s standard of living as well as its ability to meet the needs of its residents.
But this phenomenon is even more disturbing, when you stop to consider the potential impact this crisis will have on "non-essential" community workers. As non-essential occupations, by and large, are paid lower wages than essential occupations. And non-essential occupations are just as vital to the quality of life in a community as are essential occupations. And non-essential occupations comprise the largest number of workers with the community. Non-essential workers serve in occupations include: municipal workers, food service, retail, clerical, manufacturing, and all service related industries.
But what is perhaps more alarming, is the reality that Florida stands to loose its next generation of workers upon their graduation from the States schools and universities. Many of Florida's graduating student population may be forced to seek residence in states other than Florida, which offer a more affordable living environment than is available in Florida. Furthermore the potential impact to the State’s economy is incalculable and threatens the future quality of life for Floridians.