As homebuying costs climb, more wealthy Tampa Bay residents rent
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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.