Florida Renters Saw Affordability Gains in 2024
Tampa and Jacksonville are among the metro areas in Florida that saw the biggest year-over-year affordability gains, Redfin found.
SEATTLE— Renters need to earn $63,680 to afford the median asking rent for a U.S. apartment ($1,592), the lowest amount needed since March 2022, according to a new report from Redfin. That’s down 0.4% from a year ago and a drop of 6.4% from August 2022 when the median asking rent hit an all-time high of $1,700. Back then, a renter would have had to earn $68,000 to afford the typical apartment—nearly $5,000 more than today.
Rental affordability improves as renters earn more than ever
On the other side of the affordability equation, renters are earning more than ever. The estimated median income for a renter in 2024 was $54,752, up 5.3% from 2023 ($52,019) and 35.2% from before the pandemic in 2019 ($40,505).
That’s still 14% less — or $8,928 a year in dollar terms — than the $63,680 income needed to afford the median monthly rent for an apartment.
But the gap between how much renters earn and the income they need to keep rent affordable is shrinking, with last month’s difference being the smallest in the five years Redfin has tracked the two metrics.
“Rental affordability will continue improving this year, as wages grow and rents remain flat, thanks to the recent boom in apartment construction,” said Redfin Senior Economist Sheharyar Bokhari. “The affordability gap between renting and buying is likely to widen further in 2025, as home prices rise and mortgage rates remain high. That means potential homebuyers—especially from younger generations—may decide to continue renting for longer, as it’s the only affordable option.”
Austin is the most affordable metro for renters; Providence is the least affordable
Emphasizing improving rental affordability overall, renters in 15 of the 44 major metros analyzed earned more than is needed to afford the median rent in December—compared to just seven metros a year earlier.
Renters in Austin earned a median salary of $69,781. That’s 25.1% (or $14,021 in dollar terms) more than they need to afford the typical apartment—the biggest gap among the major metros. Next came Houston (17.6% more), followed by Dallas (10.3% more), Salt Lake City (8.9% more) and Raleigh, NC (8.4% more).
At the other end of the affordability spectrum, renters in Providence earned a median salary of $50,408 — 41.3% (or $35,392 in dollar terms) less than what they need to afford the typical apartment. That was the biggest shortfall among the major metros analyzed.
Next came a number of historically expensive metros where rents are expensive and demand is consistently high, with Miami (39.8% less) followed by New York (36.7% less), Los Angeles (34% less) and Boston (31.3% less) rounding out the five least affordable metros to rent. (Note: data in Redfin’s report is from December, prior to the Los Angeles wildfires. Redfin is tracking reports that rents have started rising across Los Angeles as displaced residents look for new homes.)
Rental affordability improved the most in Austin in 2024
Rental affordability improved the most in 2024 in Austin, where the required income to afford the typical apartment fell to $55,760 in December, down 16.3% ($10,840) from $66,600 a year earlier.
Austin—like many Sun Belt metros—saw some of the highest level of multifamily housing construction over the past few years, and rents are now starting to fall as supply increases and demand levels off.
The next major metros seeing the biggest year-over-year affordability gains were Tampa, FL (-10.5% to $69,400), Jacksonville, FL (-6.8% to $58,000), Nashville, TN (-6.3% to $59,800) and New York (-4.6% to $112,200).
In a number of major metros on the East Coast and in the Midwest, however, renting is less affordable now than it was a year ago—partly due to limited new construction in recent years.
In Providence, RI, renters needed to earn $85,800 to afford the typical apartment in December—up 12.6% ($9,600) from the $76,200 needed in December 2023. That was the biggest year-over-year jump among the 44 major metros Redfin analyzed.
Next came Virginia Beach, VA (+10.8% to $63,080), Louisville, KY (+10% to $49,200), Baltimore (+10% to $64,000) and Buffalo, NY (+8.9% to $52,400).
Source: Redfin
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