2024 E-Insights Report

Housing and Health Affordability

The dream of homeownership and financial stability rests heavily on the measure of affordability. Moreover, affordable housing and health care has direct implications for talent availability.

This section aims to empower leaders, as well as individuals and families, to make informed decisions when seeking an affordable and fulfilling place to call home. The homeownership rate provides insight into the proportion of residents who have achieved the dream of homeownership, while the Zillow Home Value Index tracks the rise and fall of home values across the region. Also, the analysts explored the concept of regional price parity for housing, which compares housing costs in Tampa Bay to those in other major metropolitan areas. Finally, the Zillow Observed Rent Index sheds light on rental trends, offering valuable information for those considering renting in the Tampa Bay area.

Examining the health care landscape, the analysts scrutinized metrics such as Medicare spending per capita, and the amount of financial assistance provided by the Health Resources and Services Administration.

By benchmarking Tampa Bay against its counterparts, we hope to foster a deeper understanding of its housing and health care landscape and pave the way for informed, data-driven decisions that ultimately translate to improved health outcomes for its residents.

Key Insights

  • Tampa Bay’s Zillow Home Value Index shows consistent increases in home values, spiking significantly since 2020. This upward trend has unfortunately adversely affected affordability, with Tampa Bay’s ranking dropping from the second position to the fourth for homeownership affordability.
  • Tampa Bay’s Zillow Observed Rent Index exhibits a comparable upward trend as the Zillow Home Value Index, confirming the rising cost of renting. While Tampa Bay was placed ninth in 2015, the region dropped six positions to 15th by the year 2023, highlighting the growing affordability gap between rent and income.
  • Tampa Bay’s homeownership rate enjoyed a steady climb from 2016 to 2020, then declined in the latter years. This dynamic is reflected in competitive rankings, with Tampa Bay initially hovering around 13th place before witnessing a significant jump to third position in 2020. However, it settled at the 10th position in 2023.
  • Tampa Bay’s Medicare spending per capita has shown a steady upward trend over the years, reaching over $12,000 in 2021. Compared to other large MSAs, Tampa Bay ranks fifth for Medicare spending, placing it among the top tier of high-cost regions.
  • Tampa Bay follows a similar trend as other MSAs for HRSA assistance, experiencing a temporary surge in HRSA financial assistance in 2021 likely due to pandemic-related needs, followed by a decrease in subsequent years.