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The analysis reveals a mixed picture of the Tampa Bay region on both status of work and status of life dimensions. While the Tampa Bay region stands close to the center of the comparison group in terms of the number of job openings per million Individuals, it ranks among the top five in terms of the number of IT jobs per million individuals. There is a strong increasing trend for remote jobs for all MSAs, including Tampa Bay. In terms of the status of life, the performance of Tampa is not so encouraging.

The State of Life section looks at indicators that correspond to public health status, substance abuse, and housing affordability. The Housing Affordability section presents an analysis on the housing affordability in the Tampa Bay region. The indicators analyzed in this section represent the average rental value and average home price for the regions. Zillow Observed Rent index is dollar-denominated by computing the mean of listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region. Zillow Home Value Index indicates the typical value of homes in the 35th to 65th percentile range in a region.  A summary of the State of Life key take aways are as follows:

• The average rental value and average home price has increased for all the MSAs in recent years.
• The Zillow Observed Rent Index for Tampa Bay has registered steep increase since 2020.
• The Tampa Bay MSA has experienced a significant decline in terms of competitive position since 2019. The Tampa Bay region is in the bottom five in terms of average rental index competitiveness across the Nation.
• The Zillow Home Value Index for Tampa Bay has been increasing over the years and it has been increasing more steeply since 2020.
• As compared to other comparable MSAs, Tampa Bay has experienced a slight decline in home value competitive position since 2020.
• The Tampa Bay region remains one of the MSAs with the highest percentage of children eligible for free or reduced-price lunch.
• The Tampa Bay region has the highest number of searches for part-time jobs compared to other MSAs.
• The Tampa Bay region is ranked 12th out of 20 comparison MSA regions in terms of child-care centers per 1,000 children. Data shows slightly more than six child-care centers per 1000 children under 5 years old.
• Mental health indicators, such as depression prevalence rate and frequent mental distress, show an increasing trend over the recent years for the Tampa Bay region. The depression prevalence rate has risen to an all-time high in Tampa Bay Region.
• There has been an increase in drug overdose deaths in the Tampa Bay region over recent years. The Tampa Bay region is among the worst-performing MSAs in terms of drug usage.

While several economic data sets for the Tampa Bay region are positive, availability of safe and attainable housing appears to have a direct impact on our regions well-being. The mental health status of the region has been on the decline since the average rental value and average home price indexes experienced steep increases for the Tampa Bay MSA in recent years, significantly impacting affordability and increasing the risk of homelessness. In Tampa Bay region, there has been a dramatic increase in the number of people presenting frequent mental distress over the last four years. Access to shelter is a core necessity of life.

According to the United Way Suncoast, that serves the Tampa Bay region, in 2023 a family of four with an infant and a preschooler needs to earn annually $88,000 to live comfortably. Two out of every five families in our Suncoast region don’t earn enough to address their basic household budget needs whether they are renters or homeowners. Four out of every five single female headed households don’t earn enough to meet their basic household needs. As the statistics from the 2023 ALICE Report, which ALICE stands for Asset Limited, Income Constrained, Employed, roll in, we recognize that more people find themselves living paycheck to paycheck and working hard to keep their heads above water. We also recognize the best way to help involves marshaling our resources and uniting the community behind a collective effort to address this issue.

Over the last four years, an important initiative was created in Hillsborough County leverages the commitment and expertise of 39 member and partner organizations to grow BIPOC homeownership in Hillsborough County, Florida, by net positive 5,000 by the end of 2025. The WORTH Collaborative (Wealth Opportunities Realized Through Homeownership) consisted of a cross-sector of organizations aligned around a common issue. These organizations developed an action plan to increase the supply of attainable housing, improve buyer awareness of programs and housing options, leverage funding opportunities and advocate for policy changes that reduce the barriers to housing stability. The organizational members of the WORTH Collaborative include housing developers, both private and non-profit, local governmental agencies, lenders, national affordable housing innovators, lease-purchase intermediaries, HUD-certified homebuyer counseling agencies, realtors, U.S. Treasury-certified CDFIs, advocacy and research organizations, community action organizations, and others committed to the goals of not only access to home ownership but also equitable access to rental homes.

The research, strategic plan, and implementation of the WORTH Collaborative set the stage and framework for the formation of the Housing Leadership Council of Tampa Bay. By creating a coalition council of housing related stakeholders and organizations, the leaders and communities within the Tampa Bay region can work together to address the housing crisis and make housing more accessible and available to our region’s families and workforce. Through shared ideas, resources and talent, the Housing Leadership Council of Tampa Bay will strive to increase our residents’ ability to access stable housing.