Investing in Pasco County, FL Real Estate: The Actual Numbers

Considering rental property in Pasco County, FL? The typical home ($331,852, Zillow) against typical rent ($2,029/mo, Zillow Observed Rent Index) works out to a 7.3% gross cap rate. Gross is where analysis starts, not ends — below is the investor cost stack that turns it into a real number, and the demand-and-supply data that decides whether the rent holds.

Pasco County yield at a glance

The investor cost stack, worked

Start with $24,348 of gross annual rent. Property tax: investors get NO homestead exemption and no 3% cap — at Pasco County’s typical 16.15 mills on a $331,852 assessment, roughly $5,361 a year (non-homestead assessments can still rise up to 10% annually). Insurance: Citizens averages about $1,659/yr here, and landlord (DP-3) policies typically price above owner-occupied. That already takes the yield to about 5.22% before vacancy, maintenance, management and any HOA — the line items that separate real operators from spreadsheet optimists.

Will the rent hold? Demand and supply

Rent growth here is running -0.1% (Zillow index). On demand, IRS migration data shows a net 18,430 people per year into the county; on supply, builders pulled 7,878 residential permits in 2025. Rising rents plus positive migration plus a restrained pipeline is the configuration that protects yields; the reverse erodes them. Our valuation model currently reads the county as undervalued by 0.0% versus income-and-rent fundamentals.

Where investors actually buy here

Community-level medians, days on market and price trends for every tracked Pasco County community are on the county’s community and lifestyle pages — start with the affordability ranking and the county rent page (full rent-versus-own math).

The Pasco County market, in context

Pasco County is Tampa Bay's fast-growing northern frontier — Wesley Chapel's master-planned boom, crystal-lagoon communities, and relative affordability draw families and commuters spilling out of Hillsborough and Pinellas. It is one of the fastest-growing counties in the region.

The economy behind the market: {'drivers': 'healthcare, retail, distribution, professional services, and construction', 'summary': "Pasco's economy is increasingly tied to Tampa Bay's — many residents commute to Hillsborough and Pinellas jobs — while local anchors include AdventHealth and BayCare hospitals, a growing medical-and-office cluster in Wesley Chapel, and distribution and manufacturing (Mettler-Toledo, Pall) along the corridor.", 'employers': ['Pasco County Schools', 'AdventHealth (Wesley Chapel/Zephyrhills)', 'BayCare', 'Pasco County government', 'Mettler-Toledo', 'Raymond James (back office)', 'distribution and logistics employers'], 'jobNote': 'Wesley Chapel is among the fastest-growing communities in Tampa Bay, growing well above state and national averages.'}

What could change it: Pasco's risks are inland and coastal in different parts: sinkhole-prone geology and lake flooding inland, storm surge along the older west-side coast (New Port Richey), and the strain of explosive Wesley Chapel growth on roads and schools. Insurance is rising but generally below the immediate coast.

Near-term outlook: Expect Pasco to stay one of Tampa Bay's faster-growing counties over the next 12 months, with affordability and new amenities pulling steady demand and a large construction pipeline keeping price growth measured and buyers in a strong position.

Run the numbers in Pasco County

• Find the best agent in Pasco County
• Get a cash offer in Pasco County
• Pasco County housing scorecard
• What would selling net you
• Buyer closing costs calculator

Common questions

Figures from Zillow research series, Zillow Observed Rent Index, verified county millage, Citizens Property Insurance, IRS SOI migration and Census permits, as of 2026-06-16; deemed reliable but not guaranteed. Informational only - not investment, tax or legal advice. Equal Housing Opportunity.