TAMPA, Fla. (WFLA) — Homebuying in America has grown expensive over the past year. The national average income to afford a home has gone up 46%, according to a Redfin real estate study. In Florida, it’s gone up as high as 74%, as of October.
The biggest increase for a Florida market, as far as how much income you need to be able to buy a home, was in North Port. The income required rose 73.9% from what was needed in 2021, meaning that residents have to make at least $131,535 to buy a home. The year before, it was $75,659.
Tampa prices income requirements rose 62.4%. In 2021, homebuyers needed to make $62,615. Now, the same residents would need to make $101,682.
The lowest increase of the Florida areas examined by Redfin was in Orlando, where the income requirement rose 56.4%, but the income itself was already higher than the Tampa area. Orlando residents need to make $104,943 in 2022 to afford buying a home, while in 2021, they only needed to make $67,088 per year.
Nationally, prospective homebuyers’ income needs increased 45.6%, to a national average income need of $107,281. In 2021, the average in the U.S. was $73,668.
The Florida areas in the study made up eight of the top 15 increases in the nation.
|Location||Annual income required to afford median-price home, October 2022||Annual income required to afford median-price home, October 2021||Year-over-year change in income required to afford median-priced home|
|North Port, Fla.||$131,535||$75,659||73.9%|
|El Paso, Texas||$64,580||$39,475||63.6%|
|Cape Coral, Fla.||$104,943||$65,338||60.6%|
|West Palm Beach, Fla.||$115,707||$72,922||58.7%|
|Fort Worth, Texas||$97,409||$61,838||57.5%|
|Fort Lauderdale, Fla.||$105,751||$67,574||56.5%|