The average household income for the lowest quintile is a mere $15,351 annually. Tampa Bay’s Median Household Income increased to $68,859, and ranked 20th in our competitive set for the fourth consecutive year. For context, ALICE data published by United Way in their Household Survival Budget dashboard states that, on average, for a family of four in Tampa Bay to be able to meet basic needs, the household income must be $72,348 or more.
Additionally, the research shows a decline in Median Household Net Worth for Tampa Bay, while for the United States as a whole, the value improved. This could indicate that Tampa Bay residents are depleting their savings or liquidating assets to combat affordability concerns.