How Is the Tampa, Florida, Real Estate Market in 2022?
Since the beginning of this year, the real estate market in Tampa, Florida, is reaching a record high, with many investors purchasing their homes there. Tampa is among the top 10 areas with the most-bought properties in the US real estate market. As this city continues to add entry-level properties, there is no better time than now to invest if you’re looking to buy an investment property.
While houses in Tampa aren’t the cheapest, it costs lower compared to other cities in Florida, such as Miami. So Tampa Florida condos for sale could be an effective option if you’re considering investing in Florida’s real estate market. However, some people associate this upward housing market trend with an increase in real estate investment across the country. In this post, we’ve compiled some of the benefits offered by Tampa.
Low Cost of Living
Tampa is a great alternative to moving to a more affordable part of Florida. Even with constant prices increase of homes in Tampa, more potential buyers are enticed by a better quality of life and low cost of living. Tampa is one of the best places to buy a rental property, live, or conduct business, as the cost of living there is equal to the national average. The state doesn’t impose any state income taxes on the residents, meaning business owners and workers get to keep more money.
High Population Growth
Tampa has had remarkable population growth in the last decade, and its population has increased by more than twenty-three thousand, about fifteen percent, over the last decade. Unlike in South Florida, this region is exponentially growing, with no signs of slowing down.
In retrospect, Tampa has seen a population rise of over forty thousand new residents after the pandemic alone. It is speculated that the city will have a higher population density over the next decade.
Good Job Market
Although the economy was affected during the pandemic, it has continued to make its way back to recovery, and key employment sectors are showing positive job growth. If you are looking for employment in construction, hospitality, leisure, finance, and professional services, then Tampa is just the place for you. The region welcomes new job candidates from all over the country coming to the region to enter the workforce.
Tampa also supports leaving corporate life to launch their own business and become entrepreneurs. The main economy in Tampa is established on a diverse economic base, including tourism, hospitality, construction, technology, and finance. Besides, the Port of Tampa is the largest in Florida.
A Competitive Market for Housing
The Tampa real estate market is known for its strong seller’s market that is competitively priced. As young professionals looking for new homes continue to enter Tampa, there is a high demand for houses and residential buildings. The high demand for this real estate is not met, as there is not enough available housing in Tampa, making the market very competitive.
The only bright side is that while mortgages are generally low, more homeowners are incentivized to sell. Investing in Tampa real estate is a good long-term investment.
Great Market for Renters
Tampa sees the highest rent increases in the country. While other parts of the US are seeing a little over ten percent, some parts of Tampa have a record high rent increase of 25%. Hence, this is good news for real estate investors looking to become renters. With the high demand for real estate, more homeowners rent their homes and Airbnb. West Riverfront, Old West Tampa, Ybor City, Northeast MacFarlane, and Wellswood are some notable neighborhoods for Airbnb rentals in Tampa.
Market for Retirees
Most people decide to change scenery after retirement. Tampa, Florida, is soon becoming a new retirement destination because of 250 days of annual sunshine yearly. It opens a window of opportunity for real estate investors interested in building assisted living facilities.
Great Social Scene
The best part about investing in Tampa is the near social scene. There are plenty of things to do in Tampa, from visiting its many local beaches and museums to world-class restaurants. It also offers a good business opportunity as tourists are drawn into the city all year round. Although many businesses and social scenes in Tampa are centrally located, it has several good and reliable transport options to get you from one place to another.
Overall the Tampa, Florida, real estate housing market is one of the hottest in the country. It is predicted to get even more competitive over the next few years, so now is the best time to invest in this real estate. Whether you are investing in a new home or looking for a lucrative renters option, Tampa will serve your needs perfectly.