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Millennial Woes: Unaffordable Housing and Skyrocketing Property Insurance Rates Are Destroying the American Dream

Millennials are familiar with financial struggles, with the eldest of the generation facing the brunt of the 2008 Great Recession and the youngest faced with the reality of being priced out of the housing market. In Broward County alone, high-earning millennials forced into rentals has increased by nearly 10%. Miami is now more expensive than Los Angeles, with far lower average salaries, and most South Florida households are spending at least 80% of their income on housing. In West Palm Beach, only 9% of homeowners are under the age of 35.

Even if a millennial homebuyer is lucky enough to find a home within their price range, property insurance increases are taking the American dream of owning a home even further away. In some cases, individuals in Florida are paying well-over their mortgage for property insurance. Rates are continuing to increase, with even the insurer of last resort, Citizens Property Insurance Company, looking to increase rates 11%.

Many insurance companies are citing underwriting losses. Citizens Property Insurance in particular is stating losses are why policyholders should expect rate increases. However, Citizens has been accruing nearly 5,500 policies each week. Yet policyholders continue to pay nearly double the national average, and sometimes far over it, for bare minimal coverage.

Despite recent changes to Florida law aimed at preventing alleged fraud by attorneys, roofing companies, and public adjusters, property insurance rates have continued to skyrocket out of control. In combination with an unaffordable housing market, many millennials are quickly being left to face the reality that homeownership is unlikely anywhere in the future unless they leave the area.

This article is not intended to constitute legal advice nor create an attorney-client relationship.

Client Reviews
"I was told by my insurance adjuster that Rina was a fabulous attorney who will fight hard for her clients and he was right. She did an outstanding job communicating with me throughout a stressful negotiation process and I was so happy with the settlement she got for me. Highly recommend the Law Offices of Rina Feld!” Mark L.
I had water damage to the inside of my home and homeowners insurance automatically rejected my claim. After giving up fighting them on my own i contacted Rina and she petsonally discussed options and explained the procedure. After about 4 months my claim was resolved , Rina worked pro bono so did not cost me a penny. I now have new ceilings ! Thoroughly recommended. Christopher D.
Rina is very efficient. She always kept me updated and worked very quickly. She took the time to explain everything thoroughly and made sure that I understood, although my primary language is Spanish. Mariel C.