Although rent growth has cooled significantly over the past year, the national median rent is still 23 percent higher than it was just three years ago. A new study shows Florida has one the highest rates of cost-burdened renters in the country.
Newly released data from the U.S. Census Bureau shows that increases in housing costs have been leaving many Americans cost-burdened.
“It’s defined as a household that spends more than 30 percent of their income on their housing costs, and, in some cases, we also look at severe cost burden, which is when more than half of a household’s income goes towards their housing cost.”
Rob Warnock is the senior research associate at Apartment List. They conducted a survey that found 60.3 percent of renters in Florida were burdened by housing costs – one of the highest rates in the nation.
“Florida has fairly modest incomes among its renter population, and the increases we’ve seen there have not kept up with increases in housing costs.”
Miami has the nation’s highest cost burden rate among the 50 largest metros in the U.S. In Tampa, 58% percent of households are cost-burdened.
Luckily, the cost of rent in Tampa Bay is slowing. According to a Tampa Bay Times analysis of Zillow data in August, rent growth is slowing closer to pre-pandemic levels.