This video story was produced and reported by Haley Zarcone. It was shot by Haley Zarcone and Alice Barlow. Web editing by Abby Ramshaw, Alexandra Rodriguez, Austen Prager, Dominque Ball, Hanalyse Loboda, Kirstin Neese.
The luxury condo industry is expanding rapidly, causing some Tampa residents to spend more of their money on the cost of living.
Since March 2020, Tampa has experienced an increase in average rent. This increase has surpassed the national rent average across the United States. In March 2021, the average rent estimate was $1,432. By August, a study found that Tampa continued to climb and reached 20% more than the national average. That’s almost $300 more in just six months.
Recent discoveries led to the conclusion that rent in Tampa has increased faster than in any other city in the United States.
The increase in rent is negatively impacting the residents of Tampa. Brooke Sours, a single mother of three, was left with the decision to move out of her rental home and into an RV where the cost was more affordable. Sours says the reason why they moved was to save money to try and purchase a home for her family.
“As a single mom, I am ready to buy my first home for myself and my children. I felt like I was never going to be able to get ahead,” says Sours.
By purchasing the RV, she is now paying three times less than what she was paying at the rental home.
“RV ownership is at a record high,” says Go RVing. As rent across Tampa continues to rise, many are reevaluating their living situations and looking for more affordable options, such as RVs.
During her purchasing process, Sours was shocked to discover how scarce RVs are. “I found out they are a high commodity because a lot of millennials are buying RVs,” says Sours.
COVID-19 caused a surge of retirements in the boomer community as their overall wealth during the pandemic reached $12.8 trillion. This leaves the younger residents having a difficult time in the housing market.
48% of younger residents worry if they will ever be able to buy a home if rent increases.
More than a third of households in the country are spending more than 30% of their income on housing, which is considered the threshold at which housing prices become a burden. This number shows no sign of slowing down as rent is increasing significantly over time.
