According to an article from Business Insider which outlines the minimum salary one would need to buy a home in twenty-five major cities, Tampa is the fifth most affordable major metropolitan area in the country.The only cities more affordable are Cleveland and Cincinnati, Ohio, St. Louis, Missouri, and Atlanta, Georgia. The amount needed in income to afford an average home is $24,651. In the most affordable city, Cleveland, Ohio, one could buy an average home $19,435. The most expensive city, San Francisco, California, would require an annual salary of $115,510 to buy an average home.
This puts Tampa, Florida real estate over $12,000 under the median for the list, which would be Philadelphia, Pennsylvania, at $36,836. Given how much the upper end of the list is skewed, the difference between Tampa and the average would likely be a good bit greater than $12,000. What this means for people looking to buy in the Tampa Bay area, is that you can get a home that is far more affordable than in other cities, with the added advantage of all the benefits of the Florida lifestyle, which we have covered rather extensively here.
As we have covered before, the further you get from the major metropolitan areas, the more affordable housing becomes while still keeping the attractions and other advantages of the cities within driving distance. In the case of Tampa, the best direction to head is north. Going into Hernando or Pasco counties and buying real estate there is much more affordable than even the already decently-priced Tampa metropolitan area. This could mean getting a better home for your money than you could have buying in the larger cities.
In order to get more information about the Tampa Bay area, specifically about the Hernando or Pasco County real estate markets, go to http://bonniebarbieriteam.com or email us at: SOLD@bonniebarbieri.com