North Port-Bradenton-Sarasota, FL
The Fair Market Rent for a 2-bedroom in North Port-Bradenton-Sarasota, FL is $1,958 per month, ranking #71 out of 693 areas nationwide. The area median household income is $78,278, meaning a household spending Fair Market Rent on a 2-bedroom would pay 30% of income on housing. The area has a population of 865K, with 24.4% of households renting.
Fair Market Rent by Bedroom Size
Fair Market Rents (FMRs) are set annually by the U.S. Department of Housing and Urban Development and represent the 40th percentile of gross rents for standard-quality units in an area. FMRs are used to determine payment standards for the Housing Choice Voucher program and other federal housing assistance.
Housing Affordability
In North Port-Bradenton-Sarasota, FL, a household earning the area median income of $78,278 would spend 30% of their gross income on a 2-bedroom at Fair Market Rent. HUD considers households spending more than 30% of income on housing to be "cost-burdened." This means many renters in this area face financial strain from housing costs.
Minimum Wage Affordability
The minimum wage in Florida is $14.00/hr. A minimum-wage worker would need to work 107.6 hours per week to afford a 2-bedroom at Fair Market Rent without exceeding 30% of income on housing. This means a single minimum-wage earner cannot afford a 2-bedroom working a standard 40-hour week. The poverty rate in North Port-Bradenton-Sarasota is 9.3%, below the national average of approximately 12.4%.
Housing Market Context
The median home value in North Port-Bradenton-Sarasota is $367,700. At a median income of $78,278, this represents a price-to-income ratio of 4.7x. 21.2% of housing units in the area are vacant, which is above the national average and may indicate softer demand or seasonal housing.
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Frequently Asked Questions
The HUD Fair Market Rent for a 2-bedroom in North Port-Bradenton-Sarasota, FL is $1,958 per month. A studio is $1,418/mo, a 1-bedroom is $1,686/mo, and a 3-bedroom is $2,537/mo. The actual median gross rent from Census data is $1,637/mo.
North Port-Bradenton-Sarasota has a rent burden of 30%, meaning a household earning the median income of $78,278 would spend 30% of income on a 2-bedroom at Fair Market Rent. HUD considers spending 30%+ on housing to be cost-burdened. To afford a 2-bedroom without being cost-burdened, a household would need an annual income of at least $78,320.
North Port-Bradenton-Sarasota's 2-bedroom Fair Market Rent of $1,958/mo is $708 above the national median of $1,250/mo. North Port-Bradenton-Sarasota ranks #71 out of 693 areas for highest rent in the United States.
To afford a 2-bedroom at Fair Market Rent in North Port-Bradenton-Sarasota without spending more than 30% of income on housing, you would need an annual household income of at least $78,320, or a full-time hourly wage of $38/hour. The area median income is $78,278.
Fair Market Rents represent the 40th percentile of gross rents for standard-quality rental units. Rent burden is calculated as annual 2BR FMR divided by area median household income. Census data (income, home value, population, vacancy) is from the ACS 5-Year estimates. Unemployment rates are from BLS Local Area Unemployment Statistics.