Sarasota sees increase in median income

The estimated median income area for a family of four in the North Port-Sarasota-Bradenton region jumped this year from $ 77,000 to $ 90,400 – growing at more than twice the national rate.

It is an increase, experts say, that could translate to greater access to affordable housing for some families but higher rents for others in existing affordable units.

Calculated by the US Department of Housing and Urban Development (HUD) annual median income (or AMI) is used to determine eligibility and rent limits for various state and federal affordable housing programs – from Section 8 vouchers to complexes built with low-income housing tax credits.

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The change is mixed news for residents in a tight housing market amid a crisis in affordable housing.

“Some affordable units are going to be more expensive,” said William Russell, president and CEO of the Sarasota Housing Authority. “As incomes go up, rents go up. On the other hand, more people will now qualify for some of these housing assistance programs that may not otherwise have. ”

The bad news for affordable housing in Sarasota

For instance, at complexes that are built with low-income housing tax credits, many rent limits are based on what a family or household at 60% of AMI can afford, Russell noted.

Based on last year’s AMI for the region, the rent limit for a three-bedroom apartment at such a complex was $ 1,204, according to a chart compiled by the Florida Housing Finance Corporation using the HUD figures.

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