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. Trying to buy a home or condo right now is really, really tough, right? These neighborhoods offer some good affordable housing options without sacrificing quality of life. Whether you're a young professional, retiree, or family, there's a neighborhood in Tampa Bay that will fit your needs and budget. Zillow

Clair-Mel: With a median home price of $140,000, Clair-Mel is one of the most affordable neighborhoods in Tampa Bay.

Egypt Lake-Leto: Egypt Lake-Leto has a median home price of $160,000, making it an affordable option for those on a budget.

Town 'n' Country: This neighborhood has a median home price of $187,000 and offers easy access to downtown Tampa.

Palm River-Clair Mel: With a median home price of $189,000, Palm River-Clair Mel is an affordable option for families.

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.

Ruskin: Ruskin offers a median home price of $197,000 and easy access to both Tampa and Bradenton.

Gibsonton: With a median home price of $198,000, Gibsonton is an affordable choice for families and retirees.

Sun City Center: Sun City Center has a median home price of $200,000 and is a popular retirement community.

Temple Terrace: Temple Terrace offers a median home price of $202,000 and is home to the University of South Florida.

Seffner: With a median home price of $210,000, Seffner is a great choice for those looking for a quieter suburban lifestyle.

Brandon: Brandon has a median home price of $219,000 and is known for its shopping and dining options.

Valrico: Valrico offers a median home price of $245,000 and a peaceful, family-friendly atmosphere.

Riverview: Riverview has a median home price of $250,000 and offers easy access to both Tampa and Bradenton.

Lutz: With a median home price of $265,000, Lutz is a popular choice for families and professionals.

Odessa: Odessa offers a median home price of $270,000 and a peaceful, suburban lifestyle.

Wesley Chapel: Wesley Chapel has a median home price of $285,000 and is known for its excellent schools and shopping centers.

Tarpon Springs: Tarpon Springs offers a median home price of $287,000 and is famous for its Greek heritage and sponge diving.

Clearwater: Clearwater has a median home price of $295,000 and is home to some of the best beaches in the country.

Dunedin: With a median home price of $305,000, Dunedin is a charming, walkable town known for its Scottish heritage.

Safety Harbor: Safety Harbor offers a median home price of $325,000 and a picturesque downtown area with plenty of dining and shopping options.