Tampa Bay-area home values outpace household income

Median household incomes significantly increased across the region between 2015 and 2020, according to new census data.

• In Hillsborough County, the median household income jumped from $51,000 to $61,000, an increase of nearly 20%.

• In the same period, Pinellas increased from $46,000 to $56,000, a 23% jump and the highest increase in the Tampa Bay area. Sarasota County registered a 25% jump, from $52,000 to $65,000.

Why it matters: The census data provides a snapshot of a rapidly changing economy.

The intrigue: Home values outgrew median incomes in most major metro areas last year, including here, according to a new Zillow study.

In the Tampa– St. Petersburg– Clearwater metro:

• Typical home values grew $74,754 in 2021, while median pretax income in the area was $46,000.
• That means homes made $28,754 more than the median income.