Home Affordability in Tampa
While the other economic sectors in the Tampa Bay area gradually recovers from the pandemic, home prices, on the other hand, continues to rise as the median home price went up by 22% this quarter, as compared to the same quarter of last year, making homes less affordable for home buyers.
According to Attom, a property data company based in California, about 61% of the counties in the nation with enough data to analyze saw median home prices of single-family homes and condos increase by at least 10% this quarter.
Included are four counties in the Tampa Bay Area:
- Hillsborough County has a 20% increase to $295,000 in its year-over-year median home price, which is also the fourth-highest increase in the country among counties with at least 1 million people.
- Pasco County has a 32% increase to $250,000.
- Pinellas County has a 16% increase to $289,900.
- In Hernando County, the year-over-year median home price increased 24% to $228,900.
While home prices are rising, they remain manageable for an average worker, according to Todd Teta, chief product officer with Attom.
“Average workers across the country can still manage the major expenses of owning a home, based on lender standards."
The price increase has been caused by the continual surge in housing supply while mortgage rates are still low.