Total monthly cost of ownership
Cost to Own a Home in Tampa, Florida
A $375,000 home here costs
$3,086per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $132,500 a year.
A standard mortgage calculator would have told you $2,077. The real number is $1,009 higher every month, 49% more than the payment most buyers budget for.
Compare Hillsborough County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Tampa against Hillsborough County and Florida
| Measure | Tampa | Hillsborough County |
|---|---|---|
| Median home value | $375,300 | $333,300 |
| Median property tax | $2,832 | $2,787 |
| Effective tax rate | 0.755% | 0.836% |
| Median gross rent | $1,567 | $1,543 |
| Population | 393,389 | 1,489,634 |
The weather behind that power bill
Tampa sits in Hillsborough County, which averages a high of 91.2°F in its hottest month and a low of 52.8°F in its coldest, with 49.48" of precipitation a year and 49% of it in a single three-month stretch. That climate drives 3,928 cooling and 433 heating degree days, which is what sets the $166 electricity line above.
See the full climate breakdown for Hillsborough County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hillsborough County
Full Hillsborough County cost breakdown · Every county in Florida
Talk to someone who works this market
These are Tampa averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Tampa every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Tampa?
A $375,000 home in Tampa, Florida costs approximately $3,086 per month with 20% down at 7.4%. That is $2,077 principal and interest, $236 property tax, $227 homeowners insurance, $234 utilities and $313 set aside for maintenance.
What is the property tax rate in Tampa?
Tampa has an effective property tax rate of 0.755%, based on a median home value of $375,300 and median real estate taxes of $2,832. That is lower than the Hillsborough County average of 0.836%.
What is the average home price in Tampa?
The median owner-occupied home value in Tampa, Florida is $375,300, against $333,300 across Hillsborough County.
Is it cheaper to rent or buy in Tampa?
Median gross rent in Tampa is $1,567 a month, against $3,086 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Tampa?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Tampa, Florida at today's rate takes a household income of roughly $132,500 a year. That covers the full $3,086 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Tampa, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.