Tampa Renters Need To Work 70 Hours A Week According To Zillow
Bad news for renters in Tampa. Soaring rent prices are causing residents to work more hours than ever before. A recent study done by Zillow shows that Tampa renters need to work at least 69 hours a week in order to make ends meet. We saw a huge jump in rent prices mainly because of the pandemic, and because the huge demand of people moving to the area. According to Zillow, the median rent price in Tampa is currently $2,300.
The Zillow research tells us that an average worker in Tampa needs to work an additional 20 hours to pay rent compared to 5 years ago. While rent keeps spiking, there hasn’t been much of an increase in paid wages. Over the past five years, rents have grown 36.9% while the average wage is up only 23%. This has caused many people to opt into moving in with roommates or with their families in order to save money. Others have considered moving a little further outside the city to find something more affordable.
Rent growth seems to have cooled since reaching a peak earlier this year. Unfortunately some major metro areas in Florida like Miami, Tampa and Orlando haven’t seen that kind of plateau. The typical U.S. rent finally ended a two-year streak of non-stop growth in October.
Although things may seem bad here, they’re worst in Miami. Renters in Miami face the greatest affordability hurdles, needing to work 96 hours at the average wage to pay the typical rent.