Tampa Still Considered 'Affordable' Despite Rising Home Prices

Posted by Mike & Michelle Grizzell on Saturday, July 1st, 2017 at 11:10am.

Are Tampa Homes Affordable?While the Tampa real estate market has certainly gotten off to a red hot start in 2017, it still isn’t quite as bad as it may seem on the surface in terms of how expensive it is to buy a home here. Sure, home prices all throughout the Tamp metro area have steadily been on the rise for quite some time now, but the good news for home buyers who might be considering a move to the area is that it’s still moderately affordable compared to plenty of other parts of the country.

According to new numbers from ATTOM Data Solutions—the parent company of national real estate information company RealtyTrac—Tampa still maintained an affordability index of 99 percent, which historically, is right on par with where it usually sits. In general, the further below 100 an affordability index registers, the less affordable home prices are overall.

When analyzing the affordability of a market, RealtyTrac basically looks at publicly recorded sales deed data and average wage data from the U.S. Bureau of Labor Statistics and compares the average wage needed to make a monthly house payment of a median-priced home with a 30 year fixed mortgage and 3% down payment.

in Tampa specifically, the median home price right now was just recently recorded at $191,000, which is significantly lower that the nationwide median home price of $253,000—a price that’s now at its least affordable level since the third quarter of 2008.

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