College Park, Fla.
(AP) The price of a one-bedroom apartment in a condominium building in the heart of downtown Florida has increased to $1.25 million, a new study has found.
The University of Miami-Dade College of Law study found students who live in a one bedroom apartment earn $1 million or more a year.
The average student living in a two-bedroom, three-bedroom or four-bedroom condominium is making $1 to $2 million a year, according to the study, which was released Tuesday.
The study also found that one-bedrooms in Miami-Fort Lauderdale alone cost $1 billion.
College Park apartments are one of the hottest rental markets in the country, with a median rent of $1 1,000 a month, according the study.
The median rent for a four-story apartment in the city is $1 2,000.
The report found that students living in college-owned condominiums have the lowest median household income of any demographic group in the U.S., making them the most financially vulnerable group.
College-owned apartments are a key factor in the college student’s financial woes, said Laura Zaremba, a co-author of the study and a professor at the university.
The condominium’s owners are typically people who don’t have access to the city, she said.
“They’re renters that can’t get access to other types of housing,” Zaremberg said.
College students living near Miami-Ft.
Lauderdale’s downtown are disproportionately concentrated in neighborhoods with higher rents, the study found.
More than 20 percent of college students in Miami live in the area, according a 2010 U.N. report.
Zarebarba and co-authors from the University of Maryland, Washington University and Stanford University compared the rental and home costs of students living nearby to those living in the same neighborhoods.
The researchers found that the median home price in the neighborhoods was $4,000, while the median rent was $1 3,400.
The students living close to Miami-Miamisburg’s downtown, with its high concentration of renters and low cost of living, earn a median income of $27,000 and average $20,000 in annual income, the report said.
Zearmba said the data showed that housing affordability for students was particularly problematic in Miami, a city that has struggled with a housing crisis for decades.
The city is also experiencing a wave of homeless residents who have been displaced from public housing.
Zarenba said the study’s findings were consistent with other studies that have found that college students have the highest rates of poverty in the United States.
College campuses are often the first place students move to after graduating, ZareBarba said.
She said it’s possible that the housing crisis will affect the housing supply, which has become increasingly difficult to find, in the years ahead.
“That’s why we need to be doing everything we can to make housing more affordable,” Zarenbarba said in a phone interview Tuesday.
Michael T. Oates, a senior vice president at the UBRS and the study co-founder, said that the study shows that students are struggling with the housing costs.
“It’s a reflection of the fact that college is a tough industry to get into,” he said.
Michael Oates said that while housing is a top priority for students, it’s also a difficult industry to enter.
The research shows that the college students who are graduating with the most debt, the least-educated and who have the least assets are most likely to be impacted by the housing market downturn, he said in an interview Tuesday at UBres headquarters.
“You’re not going to get students that can afford to buy a house, so they’re going to have to do that by paying off student loans,” Oates added.
He said that students with high debt levels have a harder time finding housing because it is more expensive than other places to get in.
Oles also said that he’s worried that students who graduate with the least financial need may end up leaving the city for better opportunities elsewhere.
“When you see students who can’t find housing, it tells you a lot about their ability to get jobs and their ability in the future,” he added.