Most Tampa Bay young renters spend 30% of their income on rent

The high cost of renting in Tampa Bay plus high mortgage rates are pushing ownership further from reach for young people.

Why it matters: Renting isn't necessarily an affordable alternative.

• Spending 30% of your income on rent is "the new normal," according to economists at Moody's Analytics.

Driving the news: One in three Gen Zers (34%) surveyed by Freddie Mac say owning a home feels impossible in their lifetime, up from 27% in 2019.

• Saving for a down payment is the biggest obstacle, they say: It's one reason the typical first-time homebuyer last year was a record-high 36 years old, per the National Association of Realtors.
• Of note: The shares are higher for Black (35%) and Hispanic (50%) respondents.

Zoom in: Gen Z-er Alina Sharkey has rented in St. Pete since March 2021, and her rent has gone up 26% since then.

• "My salary did not match the increase of rent so I had to find another way to make money," she says. She got a new certification from her job that allowed her to start making commissions.
• She spends 33% of her income on rent, and says she would like to buy but can't afford it — thanks to high home prices and mortgage rates.

Most of Tampa Bay's youngest renters are spending at least 30% of their income on rent, the latest U.S. census data show.

• In all of the 100 biggest U.S. metros, over a third of 15- to 24-year-old householders who rent spend 30% or more of their income on housing, Axios' Simran Parwani reports.

What's happening: Across the U.S., pinched young people are fanning out from big cities, returning to their childhood bedrooms or moving in with partners.

• Fannie Mae researchers found 30% of young workers are willing to live farther away from the office for more inexpensive housing.
• Nearly a third of Gen Z adults say they're living at home long-term, The New York Times reports.

Zoom out: America's housing shortage has helped hike the cost of both buying and renting.

Yes, but: The vast majority of young renters are renting for lifestyle reasons, preferring the flexibility to move, RealPage chief economist Jay Parsons tells Axios.