Mar 23, 2022 - News
Tampa Bay-area home values outpace household income
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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.