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.
Housing Market Overview
| Metric | Tampa | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $407,014 | $293,727 | $242,182 |
| Price Trend (Annual %) | 20.2% | 12.0% | 8.2% |
| Median Gross Rent | $1,560 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.9% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Tampa is about 39% higher than in Florida. Rent follows a similar pattern, running close to 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 Tampa, up about 20.2% and 6.9% a year respectively. Home prices are changing faster.
Median rent in Tampa rose about 63.4% between 2015 and 2023, from $955 to $1,560. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.7 yearly household incomes in Tampa.
Buying the median-priced home in Tampa costs roughly 21.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Tampa. The price-to-rent ratio in Florida is about 15.7.
| Metric | Tampa | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $407,014 | $293,727 | $242,182 |
| Median Household Income | $71,436 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.7 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Tampa rose about 254.6%, while median household income rose about 66.5% 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 | Tampa | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.8% | 57.1% | 58.2% |
| Rental Rate | 44.8% | 27.7% | 31.3% |
| Vacancy Rate | 9.4% | 15.2% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Tampa has a homeownership rate of 45.8%, lower than the Florida average of 57.1%. Its housing vacancy rate is 9.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Tampa | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1980 | 1987 | 1978 |
| Median Number of Rooms | 4.9 | 5.2 | 5.5 |
The typical housing unit in Tampa was built around 1980. On average, 2.3 people live in a home with about 4.9 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Tampa, Florida.
What is the median home price in Tampa, Florida?
The median home price in Tampa, Florida is $407,014, higher than the Florida average of $293,727.
What is the average home price in Tampa, 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 Tampa, Florida?
The median gross rent in Tampa, Florida is $1,560 per month, about the same as the Florida average.
What was the median gross rent in Tampa in 2020?
In 2020, the median gross rent in Tampa, Florida was $1,174 per month.
What is the price-to-rent ratio in Tampa, Florida?
The price-to-rent ratio in Tampa, Florida is about 21.7, meaning it would take roughly 21.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Tampa.
Are home prices or rent rising faster in Tampa, Florida?
Both home prices and rent are rising in Tampa, up about 20.2% and 6.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tampa, Florida?
45.8% of households in Tampa, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Tampa, Florida?
The housing vacancy rate in Tampa, Florida is 9.4%, lower than the Florida average of 15.2%.