Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Tampa | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $71,436 | $71,865 | $78,145 |
| Median Personal Income | $62,421 | $53,537 | $61,726 |
| Average income growth | 6.6% | 5.7% | 5.1% |
| Six-Figure Earners | 15.0% | 10.9% | 13.2% |
The median household income in Tampa is about 1% lower than in Florida. Income has been growing faster in Tampa (6.6%/yr) than in Florida (5.7%/yr).
About 15% of adults in Tampa earn six figures ($100,000 or more) a year, higher than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Tampa, Florida grew by 66.5% from 2009 to 2023, reaching $71,436 in 2023. That's an average of about 6.6% per year.
Economic Inequality in Tampa | Gender Pay Gap | Gini Coefficient
| Metric | Tampa | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.590 | 0.566 | 0.570 |
| Male Median Income | $68,219 | $58,426 | $67,746 |
| Female Median Income | $56,223 | $48,893 | $54,793 |
| Gender Pay Gap | 17.6% | 16.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Tampa, it is 0.590, higher than Florida's 0.566, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 21% more than women's income in Tampa, Florida. Over a 35-year career, a 21% wage gap accumulates to roughly $419,860 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Tampa, Florida has narrowed from about 19% to 18% in 2023. In dollar terms, the gap has widened by $4,057 since 2009.
Employment
| Metric | Tampa | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 4.8% | 5.2% |
| Working from Home | 19.2% | 13.9% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 9,885 people are unemployed in Tampa, Florida.
The average commute time in Tampa is 22 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Tampa, Florida has fallen from 10.8% to 4.6% in 2023.
Conclusion
Considering all these factors, Tampa, Florida has an overall wealth index grade of C, making it somewhat better than Florida, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Tampa, Florida.
How Rich Is Tampa, Florida?
Tampa has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $71,436, about 1% lower than the Florida average of $71,865.
What is the current median household income in Tampa, Florida?
As of 2023, the median household income in Tampa, Florida is $71,436.
What was the median household income in Tampa in 2023?
In 2023, the median household income in Tampa, Florida was $71,436.
What was the median household income in Tampa in 2020?
In 2020, the median household income in Tampa, Florida was $56,016.
What is the Gini coefficient in Tampa, Florida?
The Gini coefficient in Tampa is 0.590. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Tampa, Florida?
Since 2009, the income gap between men and women in Tampa, Florida has narrowed from about 19% to 18% in 2023. In dollar terms, the gap has widened by $4,057 since 2009.