Region Report: 5 Trends in the Tampa Real Estate Market

The Tampa real estate market is healthier than ever, and it has no plans of slowing any time soon. Here are five interesting stats that underscore what we’re seeing in the Tampa and surrounding real estate markets.

Florida’s millennials are eager to buy their first home.

According to data just released from Bank of America, Florida’s first-time homebuyers say purchasing a home is more affordable than renting, and many are planning to buy soon. Local young homebuyers are focused on saving and view owning a home as having a positive impact on their long-term financial picture. In fact, 43 percent of Florida buyers surveyed are among the most likely to plan to purchase their first home within the next two years. At 78 percent, the vast majority believe owning is more affordable than renting in Florida and 42 percent want to buy because they want a place to call their own.

Tampa’s secret is out, and the real estate market is healthy.

The Tampa Bay Area’s population hovers just over 3 million people, and according to the U.S. Census Bureau, that number is only going up. In fact, Tampa had the country’s fifth highest population gain in 2016. At the same time, home prices also saw the biggest gain in six years in 2016. So far, 2017 has had a strong start as well. Tampa Bay came in with the fifth-highest jump among metros, with an increase of 8.1 percent from 2016. The market is considered healthy as more and more people put down roots and call Tampa home.

Tampa has an affordable cost of living.

People are fleeing New York City, Chicago, Los Angeles and other big metropolitan cities to escape skyrocketing rents and high costs of living. In 2016, Forbes identified Tampa as the number one city people are moving to, thanks to its lack of income tax and strong job creation. Back in 2014, Tampa landed at #18 on Forbes’ list of most affordable large U.S. metro areas, citing 77.5 percent of homes were affordable to families earning Tampa’s median income.

Tampa’s job market is strong…and still growing!

Many people associate Florida with retirees. And while that’s not entirely off base, the truth is Tampa is experiencing an economic upswing and was recently named the fourth fastest growing job market in the U.S. People are drawn to jobs in professional and business service industries, education and health services. More than 15,000 people work at MacDill Air Force Base, and the University of South Florida is home to more than 47,000 students.

What drew you to Tampa, Florida? Do you have a favorite neighborhood? Please comment below to share your feedback and advice.