House Affordability in Tampa

Median home price: $380K · Property tax: 0.89% · Insurance: $3,800/yr

You can afford a home up to

$199,535

That's a 2-bedroom condo/townhome in Tampa

Based on your $75,000 income with 20% down

3-bedroom home
$200K$80K more →

Your $199,535 budget buys

Tampa2-bedroom condo/townhomeMiamiNothing yetRaleigh2-bedroom apartment/condoCharlotte2-bedroom condo/townhomeNashvilleNothing yetMinneapolis1-bedroom condoChicago1-bedroom condoSan FranciscoNothing yetLos AngelesNothing yetSeattleNothing yetNew York CityNothing yetDenverNothing yetSalt Lake CityNothing yetPortlandNothing yetAustinNothing yetPhoenixNothing yet
/MiamiTampa
28%Recommended
$
%
%

Monthly payment breakdown

$1,750/mo

P&I$1,035
Tax$148
Insurance$317
HOA$250
Calculate your mortgage payment on $199,535Should you rent or buy at this price?

Home price

$199,535

Down payment

$39,907

Loan amount

$159,628

No PMI

Waived (20%+ down)

Estimates based on the 28/36 DTI guideline with Tampa-specific property tax and insurance rates. Actual mortgage approval depends on credit score, employment history, and lender criteria.

Monthly homeownership cost

Estimated monthly costs for a median-priced home ($380,000) with 20% down at 6.75%.

Mortgage P&I $1,972/mo
Property tax $282/mo
Insurance $317/mo
HOA $250/mo
Total $2,821/mo

Tampa Housing Market Overview

Tampa offers no state income tax and more affordable homes than Miami, though hurricane-driven insurance costs remain a significant factor.

The median home price in Tampa is $380,000, which is 8% below the national median of $412,000. Property taxes average 0.89% of assessed value, adding $282/month to housing costs.

Homeowners insurance averages $3,800/year ($317/month). Condos and townhomes typically carry HOA fees around $250/month.

What can you buy in Tampa?

Typical price ranges by property type in Tampa, FL (2024/2025 estimates).

Property type Price range Down payment (20%)
2-bedroom condo/townhome $180K – $300K $36K – $60K
3-bedroom home $280K – $420K $56K – $84K
4-bedroom home $380K – $580K $76K – $116K
5+ bedroom home $520K – $800K $104K – $160K

Sources: Zillow, Redfin, Realtor.com (2024/2025 estimates). Prices vary by neighborhood.

Income needed to buy in Tampa

Minimum annual income to afford each property type at 28% DTI, 20% down, 6.75% rate.

Property type Midpoint price Income needed
2-bedroom condo/townhome $240K $74,570/yr
3-bedroom home $350K $102,528/yr
4-bedroom home $480K $135,569/yr
5+ bedroom home $660K $181,318/yr

Green = achievable at Tampa's median household income of $65,000.

Cost of living context

The median household income in Tampa is $65,000, which is 13% below the national median of $75,000.

At the median income, a household can afford roughly $202K using the 28% DTI rule — which falls short of the $380K median. Many buyers need dual incomes, a larger down payment, or lower price points.

FAQ

Can I afford a house in Tampa on a $100,000 salary?

At $100K with 20% down and 6.75% interest, you can afford roughly $340K in Tampa using the 28% DTI rule. The median home price is $380K, so you may need to look at lower price points or increase your down payment.

What income do I need to buy a house in Tampa?

To afford the median price of $380K with 20% down at 6.75%, you need approximately $110,153/year (28% DTI). The median household income in Tampa is $65,000, which is below what is needed.

What are property taxes like in Tampa?

The average property tax rate is 0.89%, or $3,382/year on a median-priced home. This is near the national average of 1.2%.

What does a 4-bedroom home cost in Tampa?

A typical 4-bedroom home costs between $380K and $580K, with the midpoint around $480K.

Is Tampa affordable compared to other cities?

Tampa's median price of $380K is 8% below the national median of $412K. Median household income is $65,000, 13% below the national median.

Does Tampa have a state income tax?

No — Florida has no state income tax. This means more of your paycheck goes toward your mortgage, effectively increasing how much house you can afford in Tampa. However, property taxes (0.89%) and sales tax still apply.

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