Tampa Makes Top 20 List For Overpriced Rentals
Tampa makes Top 20 list for overpriced rentals. Are you wondering how much you need to earn to afford rent in Tampa? Well, new data from Florida Atlantic University sheds light on this topic. Researchers at FAU have compiled the Waller, Weeks, and Johnson Rental Index to study overpriced cities in the US. And according to their findings, Tampa ranks as the 18th most expensive metro area on the index. There’s a reason so many of us have 2 (or more) jobs.
Based on the April data, the average cost of rent in the Tampa metro area was $2,118.75. So, how much should you earn to avoid being “rent burdened”? If you make $84,750.12 or less, you are considered “rent burdened” as you spend at least 30% of your income on rent. And if you earn $50,850.07 or less, you fall into the category of “severely rent burdened,” as you spend at least half of your income on rent.
To put things into perspective, the average income for Tampa, St. Petersburg, and Clearwater is $57,500, as reported by the federal Bureau of Labor Statistics in May. It’s clear that many residents are struggling to keep up with rising rental costs.
Ken H. Johnson, a real estate economist at FAU, explains that Tampa has experienced rapid increases in rent since the pandemic. Although the pace of increase is slowing down, significant price drops are unlikely. Johnson suggests that it’s our incomes that need to catch up with rents rather than expecting rents to become more affordable.
However, it’s worth noting that Tampa is still relatively affordable compared to other markets in the country, including other cities in Florida. In fact, Florida cities dominate this month’s rental index, with Cape Coral-Fort Myers, Miami, North Port-Bradenton, and Deltona all ranking in the top 10.
For instance, in Miami, which sits at No. 8 on the index, anyone making $112,183.83 or less is considered rent burdened. Florida, as a whole, faces a unique challenge due to its significant population growth. As Johnson explains, the state is struggling to keep up with the influx of people, leading to both high home prices and high rent prices.
No one is surprised Tampa makes Top 20 list for overpriced rentals. Renting in Tampa can be a financial challenge for many residents. While the city is more affordable than some others, the rising rental costs pose a burden for those with lower incomes. As Tampa continues to grow, it’s crucial for incomes to catch up with rents to make housing more affordable for its residents. TBT
20 Most Affordable Neighborhoods In Tampa Bay
2. Egypt Lake-Leto:
Egypt Lake-Leto: Egypt Lake-Leto has a median home price of $160,000, making it an affordable option for those on a budget.
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5. Progress Village:
Progress Village: Progress Village has a median home price of $195,000 and is a great choice for those looking for a tight-knit community.
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8. Sun City Center:
Sun City Center: Sun City Center has a median home price of $200,000 and is a popular retirement community.
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11. Brandon:
Brandon: Brandon has a median home price of $219,000 and is known for its shopping and dining options.
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14. Lutz:
Lutz: With a median home price of $265,000, Lutz is a popular choice for families and professionals.
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17. Tarpon Springs:
Tarpon Springs: Tarpon Springs offers a median home price of $287,000 and is famous for its Greek heritage and sponge diving.
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