Tampa Bay Real Estate Market Is 11th Most Affordable in Florida

Of the 22 metropolitan residential real estate markets in Florida, the Tampa Bay metro market, also known as the Tampa-St. Petersburg-Clearwater metropolitan real estate market, is the 12th most affordable residential real estate market in Florida as of the third quarter of 2015, based on the Housing Opportunity Index (HOI), which is computed quarterly by the National Association of Home Builders (NAHB) and Wells Fargo.

The HOI for a metro area is the share of homes for sale that are affordable to families earning the area’s median income, based on standard mortgage evaluation criteria. For income, NAHB uses the Department of Housing and Urban Development’s annual median family income estimates for metropolitan areas.

Across the country, among all the 223 metropolitan areas, the Tampa Bay metro area is the 119th most affordable residential estate market.

Here are the Housing Opportunity Indexes for all the 23 metropolitan areas in Florida, arranged from the most affordable to the least affordable:

FL RANK US RANK METRO HOI MEDIAN FAMILY MEDIAN SALES
AREA 2015 QTR3 INCOME PRICE
1 46 Gainesville 82.5 63,800 145,000
2 47 Ocala 82.3 $47,300 $105,000
3 50 Tallahassee 81.9 65,100 148,000
4 56 Pensacola-Ferry Pass
-Brent 80.9 63,300 147,000
5 68 Lakeland-Winter Haven 79.3 50,300 134,000
6 73 Panama City-Lynn Haven
-Panama City Beach 78.7 57,900 160,000
7 81 Palm Bay-Melbourne
-Titusville 77.6 61,900 146,000
8 97 Punta Gorda 75.4 58,400 148,000
9 99 Deltona-Daytona Beach
-Ormond Beach 74.8 51,800 133,000
10 110 Jacksonville 73.9 63,300 167,000
11 119 Tampa-St. Petersburg
Clearwater 71.7 59,000 151,000
12 120 Crestview-Fort Walton
Beach-Destin 71.6 67,500 180,000
13 124 Sebastian-Vero Beach 70.5 59,000 169,000
14 133 Orlando-Kissimmee
-Sanford 68.4 58,300 179,000
15 135 Port St. Lucie 68.2 53,300 160,000
16 151 Cape Coral-Fort Myers 65.3 57,600 180,000
17 152 Palm Coast 65.2 49,200 169,000
18 160 North Port-Bradenton
-Sarasota 61.8 62,300 212,000
19 163 Fort Lauderdale-Pompano
Beach-Deerfield Beach 61.4 63,000 190,000
20 166 West Palm Beach
-Boca Raton-Boynton Beach 60.8 66,000 210,000
21 193 Naples-Marco Island 49.6 66,500 295,000
22 202 Miami-Miami Beach
-Kendall 45.2 50,100 222,000

The 10 Most Affordable Metro Areas in the US, based on third quarter data are the following:

Rank Metro Area HOI Median Family Income Median Sales Price
1 Glens Falls, New York 92.6 65,400 $130,000
2 Sandusky, Ohio 92.2 69,600 120,000
3 Syracuse, New York 91.7 68,500 102,000
4 Kokomo, Indiana 91.4 55,200 114,000
5 Springfield, Ohio 91.2 53,800 93,000
6 Rockford, Illinois 90.9 63,100 105,000
7 Lima, Ohio 90.8 54,200 104,000
8 Monroe, Michigan 90.2 65,000 144,000
9 Elizabethtown, Kentucky 90.0 60,100 133,000
10 Binghamton, New York 89.9 66,400 115,000

The 10 Most Expensive Metropolitan Areas in the country, based on third quarter data are the following:

Rank Metro Area HOI Median Family Income Median Sales Price
1 San Francisco-San Mateo-
Redwood City, California 10.5 103,400 985,000
2 Los Angeles-Long Beach-
Glendale, California 14.7 63,200 500,000
3 Santa Ana-Anaheim-
Irvine, California 16.2 85,900 615,000
4 Santa Cruz-Watsonville
California 16.5 87,000 650,000
5 Salinas, California 17.5 65,000 443,000
6 San Jose-Sunnyvale-
Santa Clara, California 17.9 106,300 795,000
7 Napa, California 19.0 84,200 581,000
8 Santa Rosa-Petaluma
California 20.2 73,600 490,000
9 New York-White Plains-
Wayne, New Jersey 20.5 67,400 515,000
10 San Diego-Carlsbad-
San Marcos, California 23.3 73,000 459,000

Median Sales Prices of Existing Single-Family Homes in the Third Quarter of 2015

Based on the median sales prices of single-family homes in the third quarter of 2015, as compiled by the National Association of Realtors (NAR), the Tampa Bay metro area is the 85th most affordable among 180 metropolitan markets across the country. The median sales price of existing single-family homes in the Tampa Bay area in the third quarter was $175,000, an increase of 12.2% from the second quarter, and an increase of 20.7% from the same quarter in 2014.

The median sales price for condos sold in the Tampa Bay area in the third quarter was $118,800, a drop of 1% from the previous quarter, and an increase of 11% from the same quarter in 2014.