Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Hillsborough County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,439 | $293,727 | $242,182 |
| Price Trend (Annual %) | 12.8% | 12.0% | 8.2% |
| Median Gross Rent | $1,542 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hillsborough County is about 12% higher than in Florida. Rent is about 1% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Hillsborough County, up about 12.8% and 6.6% a year respectively. Home prices are changing faster.
Median rent in Hillsborough County rose about 60.0% between 2015 and 2023, from $964 to $1,542. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Hillsborough County.
Buying the median-priced home in Hillsborough County costs roughly 17.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Hillsborough County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Hillsborough County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,439 | $293,727 | $242,182 |
| Median Household Income | $75,023 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.4 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hillsborough County rose about 153.2%, while median household income rose about 50.6% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Hillsborough County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.3% | 57.1% | 58.2% |
| Rental Rate | 35.9% | 27.7% | 31.3% |
| Vacancy Rate | 7.8% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Hillsborough County has a homeownership rate of 56.3%, lower than the Florida average of 57.1%. Its housing vacancy rate is 7.8%, compared with 15.2% in Florida.
Housing Stock
| Metric | Hillsborough County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1988 | 1987 | 1978 |
| Median Number of Rooms | 5.4 | 5.2 | 5.5 |
The typical housing unit in Hillsborough County was built around 1988. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hillsborough County, Florida.
What is the median home price in Hillsborough County, Florida?
The median home price in Hillsborough County, Florida is $330,439, higher than the Florida average of $293,727.
What is the average home price in Hillsborough County, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Hillsborough County, Florida?
The median gross rent in Hillsborough County, Florida is $1,542 per month, lower than the Florida average of $1,564.
What was the median gross rent in Hillsborough County in 2020?
In 2020, the median gross rent in Hillsborough County, Florida was $1,186 per month.
What is the price-to-rent ratio in Hillsborough County, Florida?
The price-to-rent ratio in Hillsborough County, Florida is about 17.9, meaning it would take roughly 17.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Hillsborough County.
Are home prices or rent rising faster in Hillsborough County, Florida?
Both home prices and rent are rising in Hillsborough County, up about 12.8% and 6.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hillsborough County, Florida?
56.3% of households in Hillsborough County, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Hillsborough County, Florida?
The housing vacancy rate in Hillsborough County, Florida is 7.8%, lower than the Florida average of 15.2%.