TAMPA, Fla. (WFLA) — Tampa renters will need to make more than $80,000 to make ends meet, according to a new study.
The Waller, Weeks and Johnson Rental Index shows the average rent in Tampa was $2,118.75 in April, which is up by 5.04% since last year.
To live comfortably, renters will need to make $84,750.12 a year. Renters would also need to earn more than $50,850.07 to avoid being severely rent burdened. Data from the U.S. Bureau of Labor Statistics shows residents in the Tampa Bay area make an average of $57,500 yearly.
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.
The Waller, Weeks and Johnson Rental Index listed Tampa as the No. 18 most expensive cities for renters in the United States.
Miami topped the list of Florida cities at No. 8. Renters in Miami will have to make $112,183.83 to live comfortably. To avoid being severely rent burdened, renters will need to make at least $67,310.30.