Home Affordability in St. Petersburg, FL
The median home price in St. Petersburg is $365,000 with a median household income of $55,726. Housing is significantly stretched relative to local incomes.
Median Home Price
$365,000
Median Income
$55,726
Price-to-Income Ratio
6.5x
Est. Affordable Home
$217,000
Property Tax Rate
0.89%
Annual Property Tax
$3,249
Sales Tax Rate
7.50%
Cost of Living Index
104
Buying a Home in St. Petersburg
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $55,726 in St. Petersburg can afford a monthly housing payment of approximately $1,300. This translates to a home price of roughly $217,000, which is below the median home price of $365,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in St. Petersburg would be approximately $3,249 per year ($271/month) at the effective rate of 0.89%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $10,950 | $354,050 | Yes |
| 5% | $18,250 | $346,750 | Yes |
| 10% | $36,500 | $328,500 | Yes |
| 20% | $73,000 | $292,000 | No |
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