Overview Of Real Estate Stats In Tampa Florida
Real Estate Stats Tampa that you need an overview of. Tampa is nestled on the west coast of the State of Florida. As per the census data collected in 2018, this metropolitan area has a populous of around 393k people making it Florida’s third-largest city after Jacksonville and Miami. More importantly, the annual population growth rate is 2.5%, meaning that about 97,000 new people join Tampa every year. This has seen Tampa’s real estate market gradually grow to accommodate the influx of new residents and offer to house for them. This is favorable to investors looking to invest in Tampa properties in 2020.
The city is part of the Tampa Bay Area or the Tampa-St. Petersburg-Clearwater Metro Area. The total population on the area amounts to 3.1 million, making it the second-biggest metropolitan region in the Sunshine State and the fourth most populated area in Southeastern United States, following Atlanta, Miami, DC, and Washington.
A diverse and robust economy has bolstered the growth of the real estate market in Tampa. The city hosts regional offices of various major corporations, including telecom companies and banks. Tampa is also the headquarters of a few Fortune 1000 corporations. This plays an integral role in the prosperity of the commercial real estate market, and Tampa’s housing market since thousands of highly paid employees reside in the city.
The real estate market in Tampa has numerous development and economic prospects investors can take advantage of. Here’s an overview of the Tampa housing market trends and statistics worth noting before pulling the trigger on your investment.
Rundown Of Tampa Real Estate Market 2020
According to the real estate data collected by Mashvisor, the median price for a property in Tampa is $412,800. According to Zillow, Tampa’s real estate value ranks 70% above the national home value, which is $243,200. Compared to the rest of Florida’s real estate market, Tampa’s home value is well below Miami’s rates but higher than Orlando’s real estate market. Even though a median property value of $412,800 may seem high to new investors who are likely facing limited financing options, investment properties in Tampa are significantly affordable when compared to other prime locations for investments like San Diego, Los Angeles, Boston, San Francisco, and New York.
Tampa’s real estate market is a hot seller’s market and will remain like so for the foreseeable future. Why is this? A good indicator is the surging property prices. Over the past 20 years, real estate appreciation has summed up to 139%. Over the last 12 months, property values rose by 3.8%, while in the next 12 months, Tampa’s real estate appreciation has been forecasted to slow down by 2.2%. Another thing to note is the relatively short period a property stays in the market and the number of listings available for sale.
There’s a high proportion of renters, with over half of the populous opting to rent instead of owning a residential home. The percentage of renters in Tampa is 53%, to be precise. The heavy demand by renters compared to homeowners is facilitated by the price to rent ratio. According to the market data reported by Mashvisor, Tampa’s housing market price to rent ration amounts to 21. A price to rent ratio above 20 shows that the rental rates are more affordable than the dominating property value. With this regard, renting just makes more fiscal sense compared to purchasing a home. Rental properties and vacation rentals in Tampa are sure to yield a high ROI.
Important Stats For Real Estate Investors
Tampa has a crime index rate of 25.
Tampa is among the safest cities in the U.S, boasting a relatively low crime rate of 22 crimes for every 1,000 residents.
Tampa is very walkable, with most errands being accomplished via foot. Because of the several public transportation options, the transit score is good.
-Cost of Living Index without rent:70
-Cost of Living Index inclusive Rent:55
The Tampa real estate market is quite affordable. Tampa’s cost of living, excluding rent, is 70% compared to New York, while Tampa’s rent is 61% cheaper than NYC. The cost of living when compared to New York is 55%. This offers real estate investors more confidence to purchase Tampa rental properties. Tenants are not strained when it comes to paying rent and will pay on time since it doesn’t take up a major part of their budget.
What’s more, Tampa’s property taxes are quite favorable for investors, reaching 1.177%. So if you’re investing in a property or buying a house in the Tampa real estate market, the aforementioned real estate stats will assist you in making a rational decision. Tampa is the best place to put your stake on considering its hot housing market and strong rental market. If anything, the housing market in Tampa is set to appreciate in the years to come.