Around 9% of Tampa Bay renters in 2023 were wealthy, up almost two percentage points from 2019, per a new Redfin analysis.
Why it matters: The cost of buying a home in Tampa Bay has risen more than the cost of renting since 2019, which makes it an attractive choice for many, even those with deep pockets.
Rich renters are on the rise in 35 of the 50 most populous U.S. metros, the real estate site reports.
Zoom in: The median home sale price in Tampa Bay is up 67.4% since 2019. That's the steepest climb of the major U.S. metros that Redin analyzed.
To keep up, buyers in 2023 needed 63.1% more income than in 2019 — the biggest jump among all metros in Redfin's analysis.
Rents in Tampa Bay, meanwhile, climbed 51.6%. Again, that's the largest gain in the analysis, but still less than the region's homebuying costs.
Between the lines: Plenty of people also enjoy the amenities, flexibility and maintenance-free lifestyle that renting offers.
And some want to put extra cash toward other investments.
The fine print: Researchers defined wealthy renters as those with a household income in the top 20% of local incomes.
In Tampa Bay, that's a minimum of $141,267. In comparison, the income needed to afford a house in 2023 was $57,408.