Miami-Dade County ranks among the least affordable housing markets in the nation, with the median home price reaching $680,000 — 60% higher than the national median of $414,000.

On the flip side, average rent in Miami-Dade has reached nearly $2,200, 34% higher than the national average. About a third of the county’s population is classified as rent-burdened, spending more than half their monthly income on rent.

This surge in housing costs in recent years has widened the affordability gap in South Florida. Bluenest Development, a Miami-based affordable and workforce housing developer, is on a mission to make home ownership more attainable and accessible to South Florida residents — especially for first-time buyers looking to enter the competitive market.

“We approach affordability and scalability as two sides of the same coin at Bluenest,” said Salim Chraibi, CEO and founder of Bluenest. “We build for first-time and workforce homebuyers, so cost efficiency is at the core of everything we do.”

Since 2018, Bluenest has built and sold more than 1,000 properties in South Florida, bringing nearly a dozen single-family, duplex and twin home models to the market.

Chraibi said scale allows Bluenest to deliver more units at attainable prices. To achieve maximum efficiency and affordability, it implements several strategies in all of its projects. These include streamlining product lines and making repeatable floor plans to reduce architectural/permitting inefficiencies, as well as controlling the entire development process from land acquisition to sale.

One of Bluenest’s key differentiators is that it partners with lenders to offer down payment assistance and interest rate buy-downs to its prospective buyers. This helps to keep monthly payments more affordable, Chraibi said.

“When buyers come to us, we guide them through the entire financing process,” he said. “We connect them with one of our preferred lenders for their first mortgage, and we help structure the full financing package. This often includes both a second and third mortgage to make homeownership more attainable.”

Chraibi said that the second mortgage, otherwise known as a home equity loan, is offered to Bluenest’s clients at $100,000 with a 1% interest rate. The third mortgage is a 0% interest deferred loan, helping to further reduce the upfront and monthly cost burden.

To qualify for this program, Chraibi said that it must be the buyer’s first home purchase. They must also have a household income at or below 140% of the AMI, two years of employment and a satisfactory credit history. The buyer must also complete a HUD-approved counseling course.

“This structure allows many working families to become homeowners with minimal upfront costs and long-term affordability,” he said.

This product offering is timely, Chraibi said, adding that Miami-Dade County witnessed a population decline of 135,000 residents from 2023 to 2024, with people relocating to other parts of Florida or leaving the state entirely. Yet the county still needs an estimated 90,000-plus units to accommodate those earning less than 80% of the AMI.

Despite Bluenest’s success over the past seven years, Chraibi said there are significant regulatory and logistical barriers to increasing the supply of workforce housing in South Florida. The single largest barrier? NIMBYism.

“Opposition from residents who don’t want to see change in their neighborhoods is the main cause of stalled or killed housing projects that would otherwise serve the nurses, teachers and public servants our communities depend on,” he said. “We always see projects delayed, downsized or blocked because of pressure from a vocal minority who fear density, diversity or change.”

Chraibi added that lengthy permitting timelines, a lack of coordination between municipalities and infrastructure agencies, and outdated zoning codes that limit density are all barriers that have yet to be properly addressed.

“In addition to these barriers, we also have high impact fees and rising land costs in South Florida, which make it harder to deliver entry-level units without subsidy,” he said.

These setbacks haven’t stopped Bluenest in its quest to deliver more affordable housing for the South Florida workforce, however.

“We don’t see market resistance as a reason to pull back,” Chraibi said. “We see it as a reason to build smarter, faster and more affordably.”

This article was produced in collaboration between Studio B and Bluenest Development. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.