Residents of Tampa, Florida have been feeling the squeeze on their wallets as rent prices have surged in the past year. According to a new study from Waller, Weeks and Johnson Rental Index, renters in Tampa need to make more than $80,000 annually to make ends meet. The average rent in April 2021 was $2,118.75, which is up 5.04% since last year. To live comfortably and avoid being severely rent burdened, renters need to make at least $84,750.12 a year according to the study. Unfortunately for those living in the area, data from the U.S. Bureau of Labor Statistics shows that residents of Tampa Bay make an average of only $57,500 yearly—far less than what is needed for comfortable living conditions.
To be considered rent burdened, renters will spend about 30 percent of their income on housing. Severe rent burdened renters spend 50 percent of their income on housing.