Palm Beach Post: Universities don thinking caps over affordable faculty housing
A crash course in Affordable Housing 101 will be on the schedules of some university presidents this fall as they consider building single-family homes, condos and even entire neighborhoods on campus for faculty members who can’t afford to live in Florida.
Imagine “Scholars’ Row at Florida Atlantic University” or “Townhomes of the Tenured at New College of Florida.”
While public school teachers, firefighters and police officers have been the focus of concern in finding affordable housing in South Florida, universities are beginning to worry about recruiting experienced professors when the average faculty salary last year was $62,582.
That level of pay would qualify someone for a mortgage of less than $190,000 in South Florida markets, where median home prices range from $300,000 to $400,000, according to the Florida Housing Coalition. Add hurricane insurance that is doubling and tripling in some areas, and houses are often out of reach for faculty — especially new hires from out of state.
“Candidates come here for interviews, clear their throats uncomfortably and then say, ‘What can you tell me about the expensive housing situation in Sarasota?’ ” said Mike Michalson, president of New College of Florida. “It used to be as long as you didn’t have to be smack-dab on the water, you could get a nice three-bedroom ranch (home) from $85,000 to $130,000.”
The median price of a Sarasota home sold last month was $326,800.
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