College grads are spending more income on rent in Tampa Bay, unless they have a business degree

Local News

Rising monthly rents and slower income growth are making it increasingly more difficult for college graduates in the Tampa Bay area to afford housing in Tampa.

A newly-released analysis from apartment rental website HotPads, found that a typical recent college graduate would spend 45.3 percent of his or her income on the median rent, up from 40.5 percent in 2009.

In the Tampa Bay area, recent psychology graduates spend 70 percent of their income on rent – up 12 percentage points from 58 percent 10 years ago.

However, graduates with business degrees have found housing to be more afforable than it was for business graduates in 2009.

The median rent in the Tampa Bay area is $1,490, lower than the national average of $1,535 per month, but up 36 percent over the last 10 years.

Recent college graduates would spend 53 percent of their median income on the median rent, up from 40 percent in 2009.

Early-career renters without a four-year degree would spend a staggering 77 percent of the median income on the median rent, up from 63 percent in 2009.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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