2025 E-Insights Report

Section 2: Affordability

Affordability in Tampa Bay is a multifaceted issue encompassing essential aspects of daily life such as housing, health care, education, transportation and utilities. By examining relevant metrics and comparing them against other metropolitan areas, this section provides a data-driven understanding of the region’s affordability landscape. USF researchers aim to empower policymakers and residents with insights to make informed decisions that enhance quality of life while balancing financial well-being.

Housing is a cornerstone of affordability, with costs impacting both homeownership and rental markets. The Zillow Home Value Index tracks the changes in home prices, while the Zillow Observed Rent Index reflects rental price trends in Tampa Bay. The median days for homes on the market provides a sense of the housing market’s competitiveness. These indicators, along with the housing building permits and homeownership rate, reflect the area’s housing affordability and availability, showing how accessible homeownership is for residents.

The cost of education, particularly at the collegiate level, remains a significant concern for families and students. The average tuition rates for undergraduates and graduate students were analyzed to provide a snapshot of educational affordability in the region, and were complemented by an analysis of school funding adequacy to evaluate the region’s school resources to support student success. By benchmarking these indicators against other regions, we gain a clearer picture of how Tampa Bay is positioned in terms of access to education.

Health care costs represent another critical aspect of affordability. Metrics such as annual health care expenditure by consumers, HRSA grants per capita, and child care costs help gauge the financial strain on households due to health care expenses. By comparing these figures to those of other regions, we can assess whether health care in Tampa Bay is priced in a way that ensures all residents have the necessary access to care without significant financial burden.

Utility costs play a significant role in the overall affordability equation. The comparison of regional pricing for utilities measures how electricity and water costs in the region compare to national averages, and this report also examines price changes in gasoline and electricity over time to reveal the evolving impact of these costs on residents. The data on the proportion of people using public transportation or cars to drive to work provides insights into commuting patterns and the financial burden of transportation. These metrics help residents weigh their options between public transit and personal vehicles when managing overall living costs.

Key Insights

  • Cost of Housing: Tampa Bay’s housing costs remain in the middle of the pack, with increased demand but still affordable compared to cities like Seattle and Denver. Home values have leveled out since peaking in 2022 and reflect a steady rise in housing market strength. The housing market appears to be stabilizing, with Tampa Bay ranking ninth for median days on the market. Consistent strong construction activity indicates ongoing growth and housing development in response to a rising population.

  • Homeownership: Tampa Bay’s homeownership rates have gradually increased from 66.32% in 2013 to 70.38% in 2023, maintaining consistently ranked in the top 10, and ranked second in 2023, suggesting moderate competitiveness in the housing market.

  • Health Care: HRSA grants slightly declined from 2021 to 2023, with Tampa Bay consistently ranking between seventh and eighth for health care funding. Consumer health spending now ranks seventh, highlighting the growing demand for health care.

  • Education: Tampa Bay has the lowest graduate tuition in the nation, making it an attractive option for advanced students. The region remained competitive for undergraduate tuition, placing in the top 10. While public school funding per student increased, Tampa Bay’s comparative ranking remains 16th in 2024.

  • Utilities: Tampa Bay’s utility costs have fluctuated slightly over the years, indicating a relatively stable environment for household utility costs. Tampa Bay shows a steady upward trend in electricity rates since 2020, now ranking seventh in 2023.

  • Child Care: Child care costs rose, placing a growing financial burden on families in the region. Tampa Bay ranks sixth for the number of children eligible for a free or reduced-price lunch.

  • Consumer Spending: Regional consumer spending grew significantly to rank fifth in 2023, driven by a strong regional economy and rising living costs.

  • Transportation: Tampa Bay’s public transportation usage rank dropped slightly in 2023, reflecting shifting regional infrastructure needs. The region consistently ranks among top three MSA’s for car usage, indicating a continued reliance on personal vehicles, influencing overall transportation costs.