Tampa renters need to make about $69K to afford rent, many earn $15K less

TAMPA, Fla. — According to a new report from Redfin, Tampa renters need to make about $69,000 to afford the median asking rent. This number is about $15,000 more than the 2024 estimated median renter income in the city.

Redfin looked at metro areas all over the country to compare the median income with the median rent prices in those cities. Tampa was number 8 on the list of the least affordable metros for renters, with the median asking rent totaling around $1,700 in December 2024. There was a negative 21.25% difference in the median renter income and the median income needed to afford rent.

Redfin found the most affordable city was Austin, Texas, with the median income needed to afford rent coming in around $55,700 while the median renter income is about $69,700.

But while the report may seem bleak for many in the Tampa Bay area, there is some hope. Tampa ranked second in cities where rent affordability improved the most in 2024. In 2023, the median income to afford asking rent was about $77,500, while in 2024, that number was down to $69,400.