Home Affordability in Tampa, FL
The median home price in Tampa is $395,000 with a median household income of $55,584. Housing is significantly stretched relative to local incomes.
Median Home Price
$395,000
Median Income
$55,584
Price-to-Income Ratio
7.1x
Est. Affordable Home
$216,000
Property Tax Rate
0.87%
Annual Property Tax
$3,436
Sales Tax Rate
7.50%
Cost of Living Index
103
Buying a Home in Tampa
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $55,584 in Tampa can afford a monthly housing payment of approximately $1,297. This translates to a home price of roughly $216,000, which is below the median home price of $395,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Tampa would be approximately $3,436 per year ($286/month) at the effective rate of 0.87%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $11,850 | $383,150 | Yes |
| 5% | $19,750 | $375,250 | Yes |
| 10% | $39,500 | $355,500 | Yes |
| 20% | $79,000 | $316,000 | No |
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