Earlier this month we learned that Cape Coral is the most overpriced rental market in the United States. However, it’s not just the Cape that ranks high in this housing category. It’s the entire state. Florida is second most expensive state for renters according to new statistics. The latest data comes from the folks at MovingFeedBack. To come up with the rankings, they crunched numbers and analyzed dated from places such as Zillow, looking mainly at metropolitan areas.
What they found is disconcerting for sure if you are looking to rent a place in the Sunshine State. Florida has seen a whopping 46.7% increase in rent prices in the last three years. The problem is the annual salary for Floridians did not rise at the same rate. Salaries only went up a mere 7.6%. This is how it breaks down for Floridian’s on a budget. In 2020 renters were paying an average of $1,448.43 between January and March. This year that average was $2,126.06. And you know that time of year in Southwest Florida (season) it was even more.
Florida is expensive for renters but what state is higher?
Colorado outranks Florida as the most expensive state for renters. In the last three years, rent there has increased 54%. This is how the top five most expensive states for renters line up starting at number one.
According to this report, the state that has seen the smallest increase in rent is West Virginia. Prices there have only gone up by about 12%. A spokesperson for MovingFeedback says, “The Enterprise group has found that nearly 11 million households spend more than 50% of their income on rent.” And there doesn’t appear to be an end in sight. A rise in interest rates is one of the many factors making it more and more challenging for people wanting to buy a home rather than rent.