While it’s less than in Miami, it’s still more than many residents make.
Tampa, FL, is known for its crystal clear beaches, historic neighborhoods, lively sports culture, and unique festivals. In addition to being a coastal haven full of culture, Tampa is also home to a fairly competitive real estate market that’s seen large growth in recent years.
For many, buying a home in Tampa is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home
So whether you already live in The Big Guava or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Tampa.
Check out our original report for a detailed nationwide analysis.
How much income do you need to buy a starter home in Tampa?
The median sale price of a starter home in Tampa is $255,000. In order to afford this, first-time homebuyers in Tampa should make $82,528 per year, up 7.8% from 2023. However, the median income in Tampa is $75,316, meaning the typical resident can’t afford a starter home.
As expected, starter homes in Tampa are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $103,613 (as of October 2023).
Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.
First-time homebuyers’ guide to the Tampa housing market
Tampa’s housing market has experienced steady growth in the past five years, with a larger jump in popularity during and after the pandemic. Tampa’s recent popularity has largely been due to its sunny weather and relatively affordable housing, making it attractive for coastal homebuyers searching for sunshine and affordability. In fact,…