Move over, LA, New York City, Miami, San Francisco, and Boston.
There’s a new unaffordable city in town: Tampa.
Yup. You read that right. Tampa now ranks as one of the least affordable cities for homeowners, according to the RealtyHop Housing Affordability Index.
(Though if you’re currently in the market for a new home in Tampa, this likely comes as no surprise to you, we’re sure.)
The report ranks the top 100 most populous cities on their affordability for homeowners and found Tampa to be the 36th least affordable market for homeowners based on its homeowner burden.
Homeowner Burden Methodology
According to RealtyHop, the Housing Affordability Index analyzes both proprietary and ACS Census data to provide an index of housing affordability and homeownership burden across the 100 most populous cities in the country.
Median home prices are calculated using over 300,000 listings in the RealtyHop database over the month prior to publication.
To calculate the index, the following statistics are used:
- Median household income from the U.S. Census
- Median for-sale home listing prices via RealtyHop data
- Local property taxes via ACS Census data
- Mortgage expenses, assuming a 30-year mortgage, 4.5% interest rate, and 20% down payment.
Other Florida Cities By-The-Numbers
According to RealtyHop, Tampa’s statistics include …
- Estimated monthly mortgage: $300,000
- Taxes: $1,461.11
- Household Income: $48,245
- Share of Income for Homeownership: 36.34%
Three other Florida cities also ranked in the top 50 least-affordable cities, with Miami at No. 2, Hialeah at No. 11, Orlando at No. 40, and Jacksonville – Florida’s most ‘affordable’ on the list – ranked at No. 83.
If you ever considered leaving Florida – which why would you? – the five most affordable housing markets were Detroit, Michigan, Fort Wayne, Indiana, Wichita, Kansas, Cleveland, Ohio, and Bakersfield, California.
Persistence Breaks Resistance
If you’re currently in the market for a home in the Tampa Bay market, don’t despair. Real estate is a numbers game – and one that is always changing. So with our experienced real estate professionals at your side, a little patience, a lot of persistence, and a dash of luck, you’ll be able to proudly call this great city home in no time.
Because at DeLeon Sheffield Company, ‘We’re More Than Realty; We’re Family.’
