Study: Gen Z in Tampa Bay will pay $23K more for rent than millennials

By the time they reach the age of 30, Tampa's Generation Z will spend $23,000 more on rent than their generational predecessors, the millennials, according to a recent study by RentCafe.

But the Tampa Bay kids appear to be all right, as, nationally, Gen Z will make more money than millennials — about $68,000 — by the time they hit 30.

The one big hurdle for Tampa's Gen Z is they will spend almost $150,000 on rent before they hit 30, the report found. 

The study defined Gen Z as those born between 1994 and 2000 and defined millennials as born between 1981 and 1996.

The rent in Tampa Bay will be fairly high. In the Tampa metropolitan area, the $149,955 on rent spent by Gen Z by the time they turn 30 is the fourth highest amount in Florida, right after Miami, Orlando and Sarasota.

Sarasota-North Port's Gen Z renters will pay a bit more, at $155,855, by the time they hit 30.

That means Gen Z renters will lose out on one large purchase, the researchers say. "Essentially, this is comparable to buying a swanky SUV," the RentCafe report says.

But Gen Z will earn more nationally, on average. The report says Gen Z will earn $547,000 by 30. Millennials earned $478,000 by 30, the study found.

Homeownership is also a different and encouraging story for Southwest Florida's Gen Z.

RentCafe's study says as Gen Z approaches 30, the total cost of owning a home in the Tampa metro area amounts to about $162,384, including mortgage, taxes, insurance and other expenses, but excluding the down payment. That's not much more than renting.

"The gap between renting and owning is $12,429, marking one of the most financially advantageous disparities in Florida when compared to other metro areas," the report says.

And in Sarasota-North Port, the difference in buying a home is only $13,801 more for Gen Z renters seeking a place to own.

Moreover, by the time they turn 30, Tampa's Gen Z is projected to have the second-highest earnings in Florida, totaling $518,039. Sarasota-North Port's Gen Z total income will be $516,526 by 30.