Tampa Bay renters fall $15,000 short of affording median rent, despite decline

Despite rents in Tampa Bay being cheaper than they were a few years ago, many renters still struggle to afford the median asking rent. Redfin's analysis of metro areas across the country compared median incomes with median rent prices, revealing that Tampa Bay renters require an annual income of approximately $69,000 to meet the median rent, which is about $15,000 more than the estimated median renter income for 2024.

This income disparity underscores the increasing affordability challenge, posing difficulties for residents trying to find housing within their financial means. Tampa Bay ranked as the 8th least affordable metro area for renters, with a median asking rent of around $1,700 as of December 2024. The median renter income fell short by 21.25% compared to what's needed to afford rent.

Despite these challenges, there is some positive news: Tampa Bay saw the second most improved rent affordability among cities in 2024. The income required to afford rent decreased from approximately $77,500 in 2023 to $69,400 in 2024.

On a national scale, renters need an annual income of $63,680 to afford the median U.S. apartment rent of $1,592, marking a 0.4% decrease from the previous year and a 6.4% drop from the peak in August 2022, when rents reached $1,700, requiring nearly $68,000 annually—about $5,000 more than today's standards—to afford typical housing.

In contrast, Austin, Texas, emerged as the most affordable city, where the median income needed to afford rent is approximately $55,700, surpassing the median renter income of about $69,700.

SOURCE: www.bizjournals.com