How much do households in Florida spend on rent?
About $1,525 per month, or 36.2% of their income, in 2022. This was measured by comparing median rent and median monthly income for renting households.
Showing data for
In 2022, median rent was
36.2%
of median income
In 2022,
$1.5K
was the median rent per month
Comparing rent to renter income provides one measure of rental affordability. Dividing rent by income provides what is called a rent-to-income ratio. A higher ratio of rent-to-income indicates rent is less affordable while a lower ratio indicates it’s more affordable.
The Department of Housing and Urban Development considers households with a rent-to-income ratio of more than 30%, that is, households that spend more than 30% of their income on housing, to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings. When median monthly rent is more than 30% of average monthly income, it means a typical household would meet the definition of housing cost-burdened.
Florida's rent-to-income ratio was higher than in the US overall in 2022.
Ratio of median gross rent to median renter household income
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The national rent-to-income ratio reached a high of 33.8% in 2011 following the Great Recession. In Florida, the rent-to-income ratio reached 37.7% that year. Most recently, in 2022, Florida’s rent-to-income ratio was 36.2%, 4.5 percentage points higher than the national rate.
Across metro areas, the average rent-to-income ratio was 30.8% in 2018–2022.
Ratio of median gross rent to median renter household income, 2018–2022
In 2018–2022, the average rent-to-income ratio across metro areas was 30.8%. The metro areas with the highest and lowest ratios were the Mayagüez, Puerto Rico at 56.9% (highest) and Sheboygan, Wisconsin, at 21.7% (lowest). In Florida, the highest and lowest were Miami at 39.2% and Panama City at 31.0%.
During the 2018–2022 period, the Miami, FL area had the highest median rent at $1,657 per month and the North Port, FL area had the highest median monthly income at $4,499 out of twenty-two Florida metro areas. The Miami, FL area's rent-to-income ratio was the highest in the state.
Renter income and rent, Florida metro areas (2018–2022)
| 1. | Cape Coral, FL area | $4,218 |
| 2. | Crestview, FL area | $4,408 |
| 3. | Deltona, FL area | $3,807 |
| 4. | Gainesville, FL area | $3,033 |
| 5. | Homosassa Springs, FL area | $2,939 |
| 6. | Jacksonville, FL area | $4,090 |
| 7. | Lakeland, FL area | $3,847 |
| 8. | Miami, FL area | $4,226 |
| 9. | Naples, FL area | $4,427 |
| 10. | North Port, FL area | $4,499 |
