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This morning, real estate website Zillow released a sobering study showing that from Dec. 2020 to Dec. 2021, home appreciation outpaced median income in 25 of 38 major metros in the U.S., including the Tampa Bay area.
According to the report, Tampa Bay's home appreciation grew by an average of $74,754, which far outpaced the area's pre-taxed median income of $46,000. In other words, an inanimate structure probably made $28,754 more than you did.
Of course, while this news is good for homeowners, it's also incredibly bad for local renters.
In Tampa Bay full-year rents increased by an average of $5,292, says the report.
So, not only has your rent gone up significantly over the last 12 months, but the building you call home made the salary equivalent of a commercial pilot, a police detective or a nuclear power plant operator.
This dramatic increase in rental prices only makes it harder for first time home buyers, says Zillow.
"More than anything, 2021 was a year of haves and have-nots, and the chasm between the two widening throughout," said Zillow economist Nicole Bachaud in a statement. "Those who owned a home saw their household wealth increase dramatically. But many renters witnessed that dream either soar out of reach or had to drastically adjust their expectations and plans."
Earlier this month St. Pete City Council voted to allot $34 million to affordable housing, and yesterday Tampa City Council unanimously voted to enact a "Tenants Bill of Rights" ordinance, which among other things, prohibits landlord discrimination against tenants who receive government assistance.
The vote came about a week after Tampa Mayor Jane Castor shot down any ideas involving rent stabilization or rent control, arguing it would scare off developers.
Notably, over half of the mayor's Tampa Strong' PAC was funded by development interests.
