Florida · Federal data hub

Tallahassee, FL

0.386M people4 counties#12 of 22 in Florida$63,078 median HHIUpdated April 10, 2026

Investor first look

The numbers that matter most

What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.

moderate

Price to income

3.96×

The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.

vs Florida: 4.23×-0.27
vs U.S.: 3.43×+0.53

Benchmark

3.96×

▼

affordable

moderate

expensive

0×–3×

3×–5×

5×–7×

ACS median home value ÷ median HHI

moderate

Rent to income

25.7%

What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.

vs Florida: 28.1%-2.4
vs U.S.: 23.3%+2.4

Benchmark

25.7%

▼

comfortable

moderate

burdened

15%–25%

25%–30%

30%–40%

(HUD FMR 2BR × 12) ÷ median HHI

deal-by-deal

Cap rate proxy

4.22%

Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.

vs Florida: 4.40%-0.18
vs U.S.: 4.35%-0.13

Benchmark

4.22%

▼

tight

deal-by-deal

solid

1%–3%

3%–5%

5%–7%

(FMR 2BR × 12 × 0.65) ÷ ACS median home value

shrinking

Net migration

-0.60%

Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.

vs Florida: 0.83%-1.43
vs U.S.: 0.03%-0.63

Benchmark

-0.60%

▼

shrinking

steady

growing

-1%–-0.1%

-0.1%–+0.1%

+0.1%–+1%

IRS net migration ÷ population

strong

Permit pipeline

6.82

permits per 1,000 residents

Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.

vs Florida: 8.03-1.21
vs U.S.: 3.52+3.30

Benchmark

6.82

▼

tight

moderate

strong

0–2

2–5

5–10

Census BPS permits TTM ÷ population × 1,000

softening

Unemployment

4.9%

Tighter unemployment means higher wages, more rental demand, lower vacancy.

vs Florida: 4.9%=
vs U.S.: 3.9%+1.0

Benchmark

4.9%

▼

healthy

normal

loose

2%–4%

4%–5.5%

5.5%–8%

BLS LAUS, latest month

Home values

Where prices are and where they've been

5-year price appreciation

+47.3%

homeValues.yearOverYear

+0.5%

Median home value

$249,900

Rents

The rent ladder

Bedroom	Monthly	Annual	% of median HHI
1 BR	$1,204	$14,448	22.9%
2 BR	$1,352	$16,224	25.7%
3 BR	$1,674	$20,088	31.8%

Jobs & income

Labor market direction

Unemployment

4.9%

Median household income

$63,078

Supply pipeline

What's being built

Total TTM

2,633

+32.0% YoY

Single-family

1,288

2–4 unit

5+ unit

1,315

Counties

All 4 counties, ranked by population

County	Population	Home value	Median HHI	Permits TTM	YoY
Leon County	294,128	$279,800	$65,074	1,937	+27.6%
Gadsden County	43,746	$154,700	$46,047	111	+11.0%
Wakulla County	33,732	$216,300	$74,183	519	+54.9%
Jefferson County	14,458	$198,800	$56,984	66	+17.9%

Peer metros

Similar metros nationally

Metro	Pop	Med HHI	P/I	Cap proxy	HPI 5y	Permits/1k	Unemp
★Tallahassee	386,064	$63,078	3.96×	4.22%	+47.3%	6.82	4.9%
Montgomery, AL	384,740	$62,746	—	—	+45.2%	—	2.3%
Beaumont-Port Arthur, TX	396,279	$65,245	—	—	+33.7%	—	5.2%
Canton-Massillon, OH	400,960	$65,666	—	—	+53.1%	—	4.4%
Flint, MI	405,280	$60,673	—	—	+49.0%	—	5.8%
Hickory-Lenoir-Morganton, NC	366,031	$60,255	—	—	+64.9%	—	3.3%

Migration

Where people are moving in from

Net migration

-2,317

-0.60% of population

Origin county	Tax returns
Leon County, FL	1,328
Gadsden County, FL	537
Wakulla County, FL	343
Hillsborough County, FL	309
Broward County, FL	309
Miami-Dade County, FL	304

Demographic backbone

Who lives in Tallahassee

Median age: 35
Bachelor's+: 40.9%
Owner-occupancy: 57.5%
Vacancy rate: 11.9%
Rent burdened (30%+): 53.1%
Median household income: $63,078

This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.