DATA | HOUSING
Affordable Housing and Economic Development
Affordable housing is key to providing long-term economic stability by allowing residents, especially lower-income families, room to allocate resources to things like, nutrition, healthcare, education, child care and transportation. In the past 5 years the gross median rent price has increased nearly 20% in St. Petersburg. While income too has increased overall, not all residents are earning enough to match the rise in housing costs. For example, the Black median household income in St. Petersburg remains nearly 33% lower than the city’s average ($36,340 vs. $53,816).
A family is considered rent burdened when 30% or more of their income goes to Gross Rent, defined as covering rent, taxes, utilities, and water.
As of 2018
St. Pete families were considered rent burdened
HOME OWNERSHIP BENEFITS
- Mortgage payments act as forced savings
- Increased neighborhood stability
- More civic engagement amongst residents
Homeownership rates remain below the city average (58.8%) for all race/ethnic groups except White, non-Hispanic families.