Tampa Market Overview
Metro Population:
3.2 M
Median Household Income:
$60,100
Median Household Income:
5.40%
Median Home Price*:
$390,000
Median Monthly Rent*:
$2,500
Big Picture Highlights
Tampa, Florida is a thriving coastal city with a strong economy, a growing population, diverse cultural offerings, and access to outdoor recreation.
There's a Lot To Love About Tampa:
As of 2021, Tampa's GDP was approximately $146 billion, with a median household income of $60,100, a job growth rate of 2.2%, and an unemployment rate of 4.2%, while the city's cost of living is slightly below the national average.
The city is home to several major corporations and regional headquarters, including Raymond James Financial, Jabil, and Publix Super Markets, providing ample job opportunities.
The Port of Tampa is one of the largest seaports in the United States, serving as a major gateway for both domestic and international trade and contributing to the city's strong economy.
Why Invest Here?
There are numerous benefits to purchasing real estate in Tampa, Florida. Firstly, the city boasts a strong and diverse economy, with opportunities in industries such as healthcare, finance, and tourism. This has led to a steadily growing population, creating a high demand for housing, and contributing to a healthy real estate market. Additionally, Tampa's warm and sunny climate, proximity to beaches and outdoor recreational activities, and vibrant cultural scene make it a desirable location for both residents and tourists. This has resulted in a robust rental market, making it an attractive option for real estate investors seeking a steady stream of rental income. Furthermore, Tampa's relatively affordable housing prices, compared to other major cities in Florida, make it an accessible market for first-time homebuyers or investors seeking entry-level properties. Overall, purchasing real estate in Tampa, Florida offers a combination of economic stability, quality of life, and investment potential.
Trends
TAMPA, FLORIDA
REAL ESTATE MARKET STATISTICS
AVERAGE HOME PRICE
$390,000
94%
ABOVE
NATIONAL AVERAGE
NATIONAL AVERAGE $202,000
AVERAGE MONTHLY RENT
$2500
75%
ABOVE
NATIONAL AVERAGE
NATIONAL AVERAGE $1427
1 YEAR EQUITY GROWTH
42.00%
162.5%
FASTER
NATIONAL AVG.
NATIONAL AVERAGE 16%
9 YEAR POPULATION GROWTH
25%
371%
ABOVE
NATIONAL AVG.
NATIONAL AVERAGE 5.29%
1 YEAR JOB GROWTH
2.2%
47%
ABOVE
NATIONAL AVG.
NATIONAL AVERAGE 1.73%
Tampa Trends & Statistics
With higher real estate prices and lower-than-average job and population growth, the Windy City may not seem like your “typical” place to invest in real estate. However, it is one of the few cities in the nation where housing prices still haven’t risen above their 2006 levels. When focusing on finding the highest capital growth and cash flow, you’ll find some Chicago neighborhoods offer homes at $108,000-$130,000 with rents at 1.17% of the purchase price every month. All of this is good news for investors looking for under market value properties, with tremendous monthly cash flow, poised for steady appreciation.
Data Sources:
https://www.rockethomes.com/real-estate-trends/fl/tampa
https://www.zillow.com/rental-manager/market-trends/tampa-fl/
https://factfinder.census.gov/
https://www.tampabaychamber.com/membership/partner/tampa-bay-business-journal-tbbj/
Employers
Read What People are Saying About Tampa
#7 fastest-growing city in the United States, based on factors such as job growth, population growth, and GDP. - Forbes
#1 best city for veterans to live, based on factors such as healthcare, job opportunities, proximity to military bases, and quality of life. - Livability
#5 best large city to live in the United States, based on factors such as affordability, economy, education, quality of life, and health. - Wallet Hub
#10 best city to live in America, based on factors such as schools, crime rates, cost of living, and amenities. - Niche
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