About the Tampa Housing Market
Tampa’s housing market is outpacing the rest of the country, as its population grows at a rate that is 112% faster than the national average. This rapid growth has led to an increase in housing and commercial construction, which means that now is an ideal time for investors to get involved in this market.
The Tampa Bay area, in the west-central region of the Florida peninsula, is a densely populated metropolitan area with a population exceeding 3.2 million. It is known as the economic hub of West Central Florida and its local economy is worth $160 billion. Tampa is home to the largest seaport in Florida, handling more than 70 million tons of cargo each year.
Tampa was one of the top-performing real estate markets throughout the US even during the pandemic as people kept moving to the area. And the population continues to grow at the rate of 1.45% per year.
Median Household Income: $62,951
Metro Population: 3.2 Million
11-Year Population Growth: 15.46%
Median Home Price: $361,696
Median Rent Per Month: $2,058 (0.57% rent-to-value ratio)
1-Year Equity Growth: 25.3%
8 Year Equity Growth (January 2014 – December 2022): 147%
1-Year Rent Growth: 17%
8-Year Rent Growth (January 2014 – December 2022): 74%
Job Growth: +60,300 CES jobs created over the last year
1-Year Job Growth Rate: 4.28%
Unemployment Rate: 2.8% (24% lower than the national average)
Tenant Laws: Landlord-Friendly
What to Like
Affordable cost of living
Fast job growth
Warm weather
Fast property appreciation rate
What to Watch Out For
HOA fees
Hurricane risk
Traffic congestion
Alligators
– Location: Buckeye is located in the western part of the Phoenix metropolitan area, which is one of the fastest-growing regions in the United States. Its proximity to major highways and the Phoenix Goodyear Airport makes it an attractive location for businesses and residents.
– In Tampa, 51% of households rent their homes—which means that there is a large demand for rental properties. The median rent in Tampa is $2,058, 4.3% higher than the national average of $1,973.
– Tampa real estate has appreciated at an exponential rate since 2014, with home values increasing 147% in the last eight years at a rate of 13.79% per year.
– Tampa’s real estate market has been booming in recent years, with new residential and commercial developments sprouting up throughout the city. This has led to a surge in construction activity and increased property values.
– The average price of a home in Tampa is $361,696, and the average monthly rent is $2,058. The Tampa area has been experiencing steady job growth as a result of the expansion of its higher-paying professional and business services sectors. As a result, many people are moving there from other areas of Florida and other parts of the United States to take advantage of these opportunities.
Steady population increase
Tampa has experienced strong population growth in recent years, with a population of approximately 400,000 people as of 2021. The city has consistently ranked among the fastest-growing metropolitan areas in the United States.
Strong job growth
Tampa’s economy has been growing steadily, with a diverse range of industries contributing to job creation. Tampa’s job growth rate of 4.28% is 11% higher than the national average, and this is only going to increase as the city continues to grow and attract new businesses. Twenty companies with a combined annual revenue of more than $1 billion have their corporate headquarters in Tampa Bay, including eight Fortune 1000 companies.
Steady home price appreciation
Tampa’s real estate market has experienced a rapid increase in value since 2014. Home values have increased by 147% in the last eight years, increasing at an average rate of 13.79% per year. The median home price in Tampa, FL is $361,696, 5.3% higher than the national average home price of $343,200.
Purchasing Property in Tampa
Tampa has been investing heavily in infrastructure improvements, including new highways, bridges, and public transportation projects. This has helped to improve connectivity within the city and make it easier for people to get around.
Buyers looking to purchase investment properties in Tampa Bay need to take into account the hazards of the subtropical climate. A home inspection is essential to make sure that the foundation is good and stable. Also, homeowners and investors need flood insurance.
The 10 neighborhoods where home values have risen the highest in Tampa since 2000 are: Downtown, MacDill AFB, USF, Channel District, Ridgewood Park, Tampa Heights South, Tampa Heights, Historic Ybor, Arlington Heights and Riverside Heights.
Tampa, Florida
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