Black and Latinx households are the most rent burdened in Tampa Bay, according to a new analysis from real estate website Zillow.
The analysis says that Black renters in Tampa Bay typically spend 37.7% of their income on rent, compared to 35.6% for Latinx households and 33.1% for White households.
The results of the analysis come at a time when Tampa is already on track to become more rent burdened than Los Angeles while Florida’s GOP aims to slash our state’s affordable housing fund.
According to the analysis, the typical renter household in the Tampa metropolitan area is spending 33.8% of their income on rent. Typical asking prices for rentals were $1,876 as of this August, according to Zillow’s Observed Rent Index (ZORI). This represents all available rental units regardless of unit type or features (ie: number of bedrooms or bathrooms). That figure is up significantly, 24.7% higher than August of 2020 of last year.
When housing costs surpass 30% of a household’s gross income, it is considered a burden, leaving less money for other necessary expenses. Rents have risen dramatically in 2021, and in August, the typical rent burden nationwide was 30.3%.
Nationwide, White and Asian renters typically spend 28.6% and 26% of their incomes on rent, respectively, while Black people usually spend 34% of their income and Latinx renters spend 32.1%, according to Zillow.
Orlando is the least affordable market for Latinx households, costing 42% of their income. Even so, that 42% burden is still lower than what Black households spend in San Diego, Sacramento and San Francisco.
The pandemic has disproportionately impacted households with lower incomes, renters, and people of color. Latinx and Black households are more likely than white households to report a job loss, while renters reported loss of income or a job more commonly than homeowners.
This research is the latest by Zillow showing the impacts of housing inequality. The group says that adding housing supply— specifically more diverse, affordable and denser housing options— will help to slow worsening housing affordability problems.
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