Make us your home page
Instagram

Report: Rising home prices put a crimp on home affordability for more professions

A home buyer in Tampa Bay needs to make at least $31,309 to afford a typical house and $29,200 to afford renting even a one-bedroom apartment

That's cheaper than in about three-fourths of other metro areas nationwide.

But the 11 percent increase over what local home buyers had to pull in a year ago is a steeper jump than in most other places. And, according to an analysis being released today by the Center for Housing Policy, housing prices are still high enough here to price a lot of professions out of the market.

Bank tellers, office clerks, cashiers, child care workers and delivery truck drivers all make, on average, less than needed to buy a median-priced home in the Tampa Bay area costing $118,000. So do construction laborers, school bus drivers, fast-food cooks, home health aides, hairdressers and nursing aides.

The good news: The incomes of the vast majority of occupations — from elementary school teachers and social workers to loan officers and telemarketers — are above that home-buying threshold.

In its latest national report, the Center for Housing Policy honed in on five professions tied to the travel and tourism industry: housekeepers, wait staffers, auto mechanics, front desk managers and flight attendants.

Nationally, only one of those groups — flight attendants — has an average wage high enough to afford the mortgage on a median-priced home. Housekeepers and wait staffers didn't make enough to afford the typical rent on either a one- or two-bedroom apartment in any of the 207 metro areas studied.

"One of the most overlooked aspects of this recovery is that for many workers, incomes are not rebounding in step with the local housing markets," report co-author Maya Brennan said. "Even in a strong sector like travel and tourism, wages have not kept pace with the rising costs of renting or homeownership."

In Tampa Bay, the picture for travel/tourism was slightly better. Auto mechanics and front desk managers, along with flight attendants, all make more than enough to afford a median home here. With an average wage of $63,413, flight attendants make about twice as much as the annual income needed to qualify.

The Center for Housing Policy is the research affiliate of the National Housing Conference.

In calculating the annual income needed to rent, the housing policy group used the benchmark that rent should not exceed 30 percent of income. The estimated income for buying a median-priced home was based on the average prevailing interest rate, a 10 percent down payment and use of private mortgage insurance.

The report may have understated the current paycheck gap, however, as housing prices are based on first-quarter figures from a National Association of Home Builders' housing index. The index shows that Tampa Bay home prices rose to $123,000 in the second quarter, and more recent data show that sales prices continue to escalate.

Jeff Harrington can be reached at [email protected] or (727) 893-8242.

Who can afford what

For a closer look at home buying and renting affordability for various professions, go to www.nhc.org/chp/p2p_2013_q1/index.php.

Report: Rising home prices put a crimp on home affordability for more professions 08/15/13 [Last modified: Thursday, August 15, 2013 12:51pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Massachusetts firm buys Tampa's Element apartment tower

    Real Estate

    TAMPA — Downtown Tampa's Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper's amenities and operate it long-term as a rental community.

    The Element apartment high-rise at 808 N Franklin St. in downtown Tampa has been sold to a Northland Investment Corp., a Massachusetts-based real estate investment company. JIM DAMASKE  |  Times
  2. New York town approves Legoland proposal

    News

    GOSHEN, N.Y. — New York is one step closer to a Lego dreamland. Goshen, a small town about fifty miles northwest of the Big Apple, has approved the site plan for a $500 million Legoland amusement park.

    A small New York town, Goshen approved the site plan for a $500 million Legoland amusement park. Legoland Florida is in Winter Haven. [Times file  photo]
  3. Jordan Park to get $20 million makeover and new senior housing

    Real Estate

    By WAVENEY ANN MOORE

    Times Staff Writer

    ST. PETERSBURG —The St. Petersburg Housing Authority, which bought back the troubled Jordan Park public housing complex this year, plans to spend about $20 million to improve the 237-unit property and construct a new three-story building for …

    Jordan Park, the historic public housing complex, is back in the hands of the St. Petersburg Housing Authority. The agency is working to improve the 237-unit complex. But the latest plan to build a new three-story building for seniors will mean 31 families have to find new homes. [LARA CERRI   |   Tampa Bay Times]
  4. Coming soon at two Tampa Bay area hospitals: a cancer treatment that could replace chemo

    Health

    A new cancer treatment that could eventually replace chemotherapy and bone marrow transplants — along with their debilitating side effects — soon will be offered at two of Tampa Bay's top-tier hospitals.

    Dr. Frederick Locke at Moffitt Cancer Center in Tampa is a principal investigator for an experimental therapy that retrains white blood cells in the body's immune system to fight cancer cells. The U.S. Food and Drug Administration approved these so-called "CAR-T" treatments for adults this month. In trials, 82 percent of cases responded well to the treatment, and 44 percent are still in remission at least eight months later, Locke said. [CHRIS URSO   |   Times]
  5. Regulator blasts Wells Fargo for deceptive auto insurance program

    Banking

    Wells Fargo engaged in unfair and deceptive practices, failed to properly manage risks and hasn't set aside enough money to pay back the customers it harmed, according to a confidential report by federal regulators.

    Wells Fargo engaged in unfair and deceptive practices, failed to properly manage risks and hasn't set aside enough money to pay back the customers it harmed, according to a confidential report by federal regulators.
[Photo by Spencer Platt/Getty Images, 2017]