Why Tampa is One of the Top Cities for Homeowner Financial Struggles

Despite being recognized as one of the hottest housing markets in the U.S., a new study reveals that Tampa is among the cities where homeowners are grappling with the most financial stress.

The report by GoBankingRates analyzed the top 100 U.S. cities by population, taking into account each city’s total population, the number of residents aged 65 and over, the percentage of those 65+, total households, and the household median income. To assess financial stress, the study considered factors such as unemployment rate, poverty rate, and the percentage of households spending 35% or more of their income on monthly housing costs. Additionally, it factored in the average value of single-family homes, average mortgage costs, average expenditure costs, and the overall cost of living in each city.

Here’s how Tampa’s numbers stack up:

• Population total: 388,768
• Population 65+ (#): 50,420
• Population 65+ (%): 13.0%
• Household total: 157,066
• Household median income: $66,802
• Single-family home average value: $400,771
• Average monthly mortgage cost: $2,273
• Average monthly expenditure cost: $2,091
• Total monthly cost-of-living: $4,364
• Total annual cost-of-living: $52,367
• Livability: 80/100
• Unemployment rate: 3.4%
• Cost-burdened households (35% or more): 24.6%
• Poverty rate: 16.8%

These figures place Tampa at the 42nd spot on the list of cities with the most financially stressed homeowners.

Bradenton, another city in the Tampa Bay area, also made the rankings this year, coming in at No. 39 overall.

Here are Bradenton’s key statistics:

• Population total: 55,795
• Population 65+ (#): 14,886
• Population 65+ (%): 26.7%
• Household total: 22,161
• Household median income: $55,795
• Single-family home average value: $439,160
• Average monthly mortgage cost: $2,490
• Average monthly expenditure cost: $2,005
• Total monthly cost-of-living: $4,495
• Total annual cost-of-living: $53,940
• Livability: 82/100
• Unemployment rate: 3.6%
• Cost-burdened households (35% or more): 29.7%
• Poverty rate: 14.6%

Across the state, Miami Gardens ranked first among Florida cities where homeowners face the greatest financial stress, with average monthly expenditure costs of $2,302. In fact, three Miami cities were among the top five most financially stressed in the state.

Other Florida cities identified as challenging places for homeowners include Fort Lauderdale (ranked No. 21), Gainesville (No. 40), North Fort Myers (No. 43), and Orlando (No. 45).

Notably, Kissimmee and Tallahassee have some of the highest poverty rates in Florida, at 26% and 24.3%, respectively.

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