Despite a strong recovery Tampa home prices remain affordable to the majority of middle-class buyers according to a new study byTrulia. The study sites affordability concerns in several markets as a result of recent price increases. In Tampa however 73% of middle-class families can afford an average price home costing a maximum of $216,000.
Among the locations where homes are most affordable Tampa also stands out as one of the most desirable places to live. Consider that in Miami for example, only 51% of families can afford to own a home and West Palm Beach where the percentage is 58%. Of major Florida centres Orlando seems the closest competitor where 69% of families can afford an average home of $222,000.
Tampa also shows relative strength among affordable markets in terms of economic development. We recently compared the Toronto to Tampa market in terms of a number of benchmarks including average price to average household income. In Tampa it took the average family earning $58,000 approximately 3.58 years to save for the average detached house costing approximately $204,000. In Toronto by contrast it would take the average family making $68,000 some 9.3 years to purchase an average home costing 635,000.