We are all aware of the skyrocketing costs of renting a house or apartment these days. But are you curious as to just how much apartment you can actually afford based on your income?
Rent Cafe’ did a study on the top 100 cities across the U.S. and put together these figures. Based on keeping your rental cost at 30% of the median income for the Tampa Bay area, here is what you can expect to get for your money in the cities below:
Jacksonville: Sq. ft. afforded*: 838 Average apt size: 966 Average rent: $1,063
Orlando: Sq. ft. afforded*: 656 Average apt size: 958 Average rent: $1,402
St Petersburg: Sq. ft. afforded*: 642 Average apt size: 873 Average rent: $1,282
Tampa: Sq. ft. afforded*: 619 Average apt size: 925 Average rent: $1,298
Miami: Sq. ft. afforded*: 388 Average apt size: 892 Average rent: $1,692
Hialeah: Sq. ft. afforded*: 376 Average apt size: 830 Average rent: $1,363
**Apt size in square feet that can be rented on a 30% median renter household income.
Here’s how Tampa and St. Petersburg compare to one another:
- Tampa offers 619 sq. ft. of rental space if you would spend no more than 30% of the median income there.
- The average apartment size in Tampa is actually larger, 925 sq. ft., but with rents that average at $1,298, you might not get that much bang for your buck for spending within reasonable means.
- In St. Petersburg renters get a bit more: 642 sq. ft. While the average rent here is not much less either, $1,282.
- The average size of apartments in St. Petersburg is less than those across Old Tampa Bay: 873 sq. ft., and also second-to-last compared to the other Florida cities.
Rent Cafe’ also has a calculator you can use to see how much surface you can get by inputing your income HERE:
If you’d like to see how more cities compare go to Rent Cafe‘ HERE.