TAMPA, Fla. (WFLA) — Homebuying in America has grown expensive over the past year. The national average income to afford a home has gone up 46%, according to a Redfin real estate study. In Florida, it’s gone up as high as 74%, as of October.
The biggest increase for a Florida market, as far as how much income you need to be able to buy a home, was in North Port. The income required rose 73.9% from what was needed in 2021, meaning that residents have to make at least $131,535 to buy a home. The year before, it was $75,659.
Tampa prices income requirements rose 62.4%. In 2021, homebuyers needed to make $62,615. Now, the same residents would need to make $101,682.
The lowest increase of the Florida areas examined by Redfin was in Orlando, where the income requirement rose 56.4%, but the income itself was already higher than the Tampa area. Orlando residents need to make $104,943 in 2022 to afford buying a home, while in 2021, they only needed to make $67,088 per year.
Nationally, prospective homebuyers’ income needs increased 45.6%, to a national average income need of $107,281. In 2021, the average in the U.S. was $73,668.
The Florida areas in the study made up eight of the top 15 increases in the nation.
| Location | Annual income required to afford median-price home, October 2022 | Annual income required to afford median-price home, October 2021 | Year-over-year change in income required to afford median-priced home |
|---|---|---|---|
| North Port, Fla. | $131,535 | $75,659 | 73.9% |
| Miami, Fla. | $128,892 | $78,755 | 63.7% |
| El Paso, Texas | $64,580 | $39,475 | 63.6% |
| Tampa, Fla. | $101,682 | $62,615 | 62.4% |
| Cape Coral, Fla. | $104,943 | $65,338 | 60.6% |
| Omaha, Neb. | $75,344 | $47,253 | 59.4% |
| West Palm Beach, Fla. | $115,707 | $72,922 | 58.7% |
| Charleston, S.C. | $112,451 | $70,977 | 58.4% |
| Albuquerque, N.M. | $86,107 | $54,448 | 58.1% |
| Knoxville, Tenn. | $87,453 | $55,420 | 57.8% |
| Fort Worth, Texas | $97,409 | $61,838 | 57.5% |
| Jacksonville, Fla. | $97,651 | $62,123 | 57.2% |
| Fort Lauderdale, Fla. | $105,751 | $67,574 | 56.5% |
| Orlando, Fla. | $104,943 | $67,088 | 56.4% |
| Rochester, N.Y. | $56,508 | $36,169 | 56.2% |
