ORLANDO, Fla. - If you plan on renting a residence in Orlando, be ready to spend.
A recently released report from the National Low Income Housing Coalition found that rent for a two-bedroom residence in Orange County is only slightly above the state average, but even then, it's unaffordable for many renters in the area.
The average rent for a two-bedroom unit in Orange County is $1,190, meaning that the annual household income needs to be $47,600, or $22 per hour, in order to ensure that no more than 30% of a renter's income is spent on housing.
The problem is, according to the report, that renters in the area, on average, earn about $17.50 per hour, so they'd need to work 1.3 full-time jobs at that rate in order to comfortably pay for housing. A more reasonable rent based on residents' income in the area would be $910 per month, researchers said.
Osceola, Seminole and Lake counties had similar rent rates but workers there earn even less, making housing even less affordable for them.
Statewide, the average rent for the same size unit is $1,189, which equates to a state housing wage of $22.86 per hour. That number is slightly less than the national average of $1,194 per month.
"Low wages, wage inequality, racial inequities and a severe shortage of affordable rental homes leave too many vulnerable people unable to afford their housing," researchers wrote in the report.
Prices do drop in some other Central Florida counties. You'll have the best bet with rent in Marion County, where the average two-bedroom rental will set you back $867 per month. Earning $16.67 per hour or $34,680 per year would make that rent affordable.
Here's a look at how rent breaks down locally:
To read the National Low Income Housing Coalition's report in its entirety, click here.
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