TAMPA, Fla. (WFLA) — A new Zillow report is revealing just how much Tampa residents need to earn to afford a home.
According to Zillow, a $58,577 income was enough to comfortably own a Tampa home in 2020. However, Zillow said 2024 buyers will need nearly 50% more income to afford a home in Tampa.
Today, an income of $116,329 is enough to own a Tampa home, Zillow said.
The report also showed that it will take Tampa homebuyers 9.8 years to save a 10% down payment for a home if they are making the median income.
Zillow said the average monthly mortgage payment in Tampa was $2,364, assuming the buyer puts down a 10% downpayment.
“Housing costs have soared over the past four years as drastic hikes in home prices, mortgage rates and rent growth far outpaced wage gains,” said Orphe Divounguy, a senior economist at Zillow. “Buyers are getting creative to make a purchase pencil out, and long-distance movers are targeting less expensive and less competitive metros. Mortgage rates easing down has helped some, but the key to improving affordability long term is to build more homes.”
According to Zillow’s research, the income needed to own a Tampa home was similar to that needed in Atlanta, Georgia; Baltimore, Maryland; and Minneapolis, Minnesota.
| Metropolitan Area* | Size Rank | Income Needed to Afford a Mortgage, January 2024 | Change in Needed Income Since January 2020 | Zillow Home Value Index (ZHVI), January 20243 | Monthly Mortgage Payment, 10% Down4 | Years to Save a 10% Down Payment |
| Pittsburgh, PA | 27 | $58,232 | $23,675 | $201,487 | $1,286 | 5.3 |
| Memphis, TN | 43 | $69,976 | $31,717 | $230,807 | $1,473 | 6.9 |
| Cleveland, OH | 34 | $70,810 | $30,227 | $211,712 | $1,351 | 6.0 |
| New Orleans, LA | 46 | $74,048 | $19,203 | $232,870 | $1,486 | 7.0 |
| Birmingham, AL | 50 | $74,338 | $31,875 | $246,805 | $1,575 | 6.7 |
| Oklahoma City, OK | 41 | $74,732 | $31,057 | $226,048 | $1,442 | 6.3 |
| Detroit, MI | 14 | $75,662 | $31,124 | $236,025 | $1,506 | 6.1 |
| Buffalo, NY | 49 | $76,884 | $34,744 | $242,435 | $1,547 | 6.5 |
| St. Louis, MO | 21 | $76,895 | $31,880 | $238,231 | $1,520 | 5.9 |
| Louisville, KY | 45 | $77,450 | $31,185 | $243,810 | $1,556 | 6.8 |
| Indianapolis, IN | 33 | $82,037 | $38,150 | $267,301 | $1,706 | 6.6 |
| Cincinnati, OH | 28 | $86,027 | $38,050 | $267,423 | $1,706 | 6.8 |
| Kansas City, MO | 31 | $92,896 | $40,742 | $289,290 | $1,846 | 7.2 |
| Houston, TX | 5 | $95,374 | $39,779 | $300,955 | $1,920 | 7.5 |
| San Antonio, TX | 24 | $95,767 | $38,307 | $283,161 | $1,807 | 7.5 |
| Columbus, OH | 32 | $95,821 | $43,405 | $297,637 | $1,899 | 7.3 |
| Milwaukee, WI | 40 | $100,822 | $42,613 | $321,037 | $2,049 | 8.5 |
| Virginia Beach, VA | 37 | $102,703 | $43,989 | $332,820 | $2,124 | 8.2 |
| Chicago, IL | 3 | $104,757 | $39,716 | $300,906 | $1,920 | 6.7 |
| Richmond, VA | 44 | $106,170 | $47,930 | $349,558 | $2,231 | 7.9 |
| United States | 0 | $106,536 | $47,490 | $342,941 | $2,188 | 8.4 |
| Philadelphia, PA | 7 | $109,257 | $47,837 | $343,102 | $2,189 | 7.5 |
| Jacksonville, FL | 39 | $109,271 | $51,617 | $348,665 | $2,225 | 8.2 |
| Charlotte, NC | 23 | $111,051 | $55,239 | $368,712 | $2,353 | 9.2 |
| Hartford, CT | 48 | $114,109 | $52,114 | $334,712 | $2,136 | 7.3 |
| Minneapolis, MN | 16 | $114,344 | $41,867 | $355,511 | $2,269 | 7.3 |
| Baltimore, MD | 20 | $114,348 | $44,063 | $367,861 | $2,347 | 7.6 |
| Atlanta, GA | 9 | $115,430 | $55,989 | $370,548 | $2,364 | 8.0 |
| Tampa, FL | 18 | $116,329 | $58,577 | $370,474 | $2,364 | 9.8 |
| Las Vegas, NV | 30 | $119,529 | $54,172 | $407,516 | $2,600 | 10.6 |
| Dallas, TX | 4 | $121,398 | $53,679 | $366,690 | $2,340 | 8.3 |
| Orlando, FL | 22 | $121,418 | $58,140 | $386,687 | $2,467 | 9.9 |
| Nashville, TN | 36 | $128,535 | $59,508 | $425,827 | $2,717 | 10.1 |
| Raleigh, NC | 42 | $130,472 | $62,410 | $430,562 | $2,747 | 8.7 |
| Phoenix, AZ | 11 | $131,322 | $65,017 | $447,074 | $2,853 | 9.9 |
| Providence, RI | 38 | $142,928 | $65,387 | $449,025 | $2,865 | 10.1 |
| Austin, TX | 29 | $149,267 | $65,144 | $451,322 | $2,880 | 8.8 |
| Miami, FL | 8 | $151,163 | $74,834 | $472,970 | $3,018 | 12.3 |
| Salt Lake City, UT | 47 | $154,455 | $72,592 | $523,832 | $3,343 | 10.6 |
| Portland, OR | 25 | $161,624 | $65,664 | $528,724 | $3,374 | 11.0 |
| Washington, DC | 6 | $166,551 | $64,078 | $539,116 | $3,440 | 8.2 |
| Sacramento, CA | 26 | $172,261 | $69,908 | $559,243 | $3,569 | 11.6 |
| Denver, CO | 19 | $172,704 | $71,338 | $566,692 | $3,616 | 10.7 |
| Riverside, CA | 13 | $173,375 | $81,676 | $563,468 | $3,595 | 12.6 |
| Boston, MA | 10 | $205,253 | $86,967 | $650,890 | $4,153 | 11.6 |
| New York, NY | 1 | $213,615 | $78,696 | $627,944 | $4,007 | 12.9 |
| Seattle, WA | 15 | $213,984 | $94,163 | $697,824 | $4,453 | 12.2 |
| San Diego, CA | 17 | $273,613 | $131,018 | $902,199 | $5,757 | 16.9 |
| Los Angeles, CA | 2 | $279,250 | $121,457 | $918,247 | $5,859 | 19.4 |
| San Francisco, CA | 12 | $339,864 | $119,614 | $1,104,853 | $7,050 | 16.0 |
| San Jose, CA | 35 | $454,296 | $191,071 | $1,493,255 | $9,528 | 18.8 |
*Table ordered by income needed to afford a mortgage in January 2024.
