Skip to content

The Tampa Bay Partnership’s recently-released Regional Competitiveness Report produced a mix of positives and negatives about the region, and the results related to housing and housing affordability fall into that category.

            The report, which compares how Tampa Bay’s eight counties – Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk, and Sarasota – stack up against 19 other metropolitan areas, indicates that the region continues to lead in net migration. However, the region’s rank when it comes to existing home sales price dropped from No. 1 to No. 17.

            South Florida’s existing home sales prices increased 5.7 percent while four other areas – St. Louis, Baltimore, San Diego and Minneapolis-St. Paul – enjoyed moderate growth between .38 percent and 1.9 percent. Researchers behind the partnership’s report concluded the decline was expected because of current economic indications.

            “Given the pressures of high interest rates, this was an anticipated correction, but housing prices remain elevated compared to pre-pandemic levels,” the report stated.

            Other research findings echo the Partnership’s conclusions. In a January report, Zillow projected Tampa Bay as the 10th hottest housing market for 2024, noting it went from the top market in 2022 to out of the top 10 in 2023 and back up this year. Zillow calculates home value appreciation; how long houses are on the market and job growth per new homes to reach its findings.

            The affordability of Tampa Bay homes proved pivotal in its ranking. Buffalo, Cincinnati and Columbus, Ohio, which tops Zillow’s list, all have average housing prices lower than the Tampa Bay region. Tampa Bay home values average more than $375,000. The national average is $347,415. Meanwhile, the average home in Buffalo is worth about $248,500. In Cincinnati: $271,000. In Columbus: $300,000.

            “Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity,” Zillow economic research data scientist Anushna Prakash said in a statement.

            The Regional Competitiveness Report also noted concerns about affordability in the region. On average, Tampa Bay households use 42.61% of their budgets to pay for housing expenditures, and economists generally state that housing should comprise only 30% of a household budget.

            When researchers factored in transportation expenses, the average household spends $0.57 of every dollar earned on those two categories. That doesn’t include food or healthcare.

            “This year the narrative from the 2024 Regional Competitiveness Report celebrates the attractiveness of the region while walking us through how changes to supply and demand are influencing our housing market, transportation and workforce recruitment and retention,” Tampa Bay Partnership CEO Bemetra Simmons said in a statement.

Scroll To Top