below the national median income of $63,688. The Keystone, Odessa, Land O’ Lakes and Lutz areas to the north of the city and southeast in Lithia have the highest incomes of the metro, all above $80,000. Metro incomes have enjoyed a 5.1 percent increase vs. 2017 and nearly a 20 percent increase (up $9,000) over the 2013 household income of $45,880.
UNEMPLOYMENT The Tampa MSA hit a low un- employment rate of 2.9 percent in December 2019. Due to a major slowdown in tourism, the unemploy- ment rate spiked to a record high 13.2 percent in April, surpassing the previous record of 11.7 percent in Jan 2010. Governor DeSantis initiated Phase 2 reopening June 5th, which helped to restore many temporary layoffs, and lowered the unemployment rate to nine percent in June. However, a resurgence of COVID cases in late June and July has
frozen the jobs recovery and pushed the July unemployment rate back up to 10.1 percent. The July spike in COVID-19 cases has subsided for now, but the high numbers of COVID-19 cases (even with no lockdown) can freeze the job market recovery. HOUSEHOLD INCOME According to 2018 ACS data, the various industries in the Tampa MSA provide a relatively low medi- an household income of $54,912, ranking the metro 204th in the country. Incomes are nearly $10,000
Information and statistics from the Bureau of Labor Statistics employment data, Department of Labor report, Census/ACS Tables and RentRange® data sources.
VALUES –VS– INCOME
Index Trend of Rent vs Home Price vs Employment vs Income
Employment Change Household Income
Home Value Rental Value
2009 2010 2011 2012
2013 2014 2015
The multi-index trend shows the sharp ramp and decline of home values in the Tampa MSA, which peaked in August 2006 and bottomed in spring of 2012 (blue line). The Tampa market was one of the most severely affected markets in the last recessionary period, cutting home values in half between the peak and lows. However, since the lows in 2012, the market has again doubled
in price and recently surpassed the 2006 peak. Rental rates for three-bedroom single-family homes decreased -15 percent over the recessionary period (orange line). In 2015, the rental market accelerated, rising an average of six percent per year. In the last 2.5 years, SFR rents have in- creased to 8.5 percent annually and have decoupled from the employ-
ment and wage trends. Income growth has been strong in the last five years at four percent year-over-year (YoY), but it’s begin- ning to flatten (teal line). Employ - ment/job recovery recovered over 1/3 of the jobs lost since the lows in April, but it flatlined in July (red line). Slow economic recovery will put a drag on rent and home prices if the recovery remains muted.
thinkrealty . com | 87
Made with FlippingBook Online newsletter