Florida is home to sunshine, beaches, and an abundance of breathtaking natural beauty. The state’s carefree attitude, coupled with a massive amount of things to do, make it an excellent place to live. If you’re looking to own a piece of paradise without having to leave the country, then Florida is your best bet.
The Tampa Bay real estate market is booming, and now is a great time to get in on the action. If you’re relocating to Florida, here’s everything you need to know to make your transition that much smoother.
Cost of living
The median home value in Florida is just over $348K, and the cost of living varies from community to community. Tampa Bay homes for sale sell on average for around $389K, which is typically about 1.54% above the asking price. The median home listing price in Tampa has been trending up 21% year-over-year.
The cost of living in Tampa is higher than compared to the rest of the country. You can expect to pay more for groceries, healthcare, and transportation. Restaurants can be hit or miss depending on the quality of service and proximity to notable attractions in the area. Additionally, the average rent for an apartment in the city is around $1,430, slightly higher than the national average.
The best part about living in Florida, however, is the fact that there’s no state income tax, which means you’ll have more income to spend on living expenses.
The job market
One of the reasons for the boom in Tampa Bay real estate is the growth of jobs and wealth in the area. Most individual Tampa residents earn slightly more than the national average; however, the average household incomes are slightly less. Still, families relocating to the area are making more than enough to get by.
The Tampa job market offers plenty of cultural diversity. Since the area has a significant Spanish-speaking population, bilingual job opportunities are more prevalent than in other parts of the country.
The top industries in Tampa include healthcare, finance, supply chain, and technology. Prospective employees can find opportunities at established organizations such as BayCare Health System, JP Morgan Chase, The Port of Tampa, and ConnectWise.
Property taxes
Unfortunately, if you’re buying your first home in Florida, you’ll probably pay more in property taxes than your neighbors. The state’s “Save Our Homes Cap” rewards long-term homeowners by curbing the annual increases of their home’s taxable value. This tax disparity applies to both longtime Florida residents buying their first home and out-of-state residents relocating to the area.
Getting around
When searching for Tampa Bay homes for sale, you’ve probably discovered the massive size of Florida. Unlike many other cities in the nation, Tampa isn’t the friendliest in terms of transit. In fact, the 2021 Tampa E-Insights Report ranks the city last in transit compared to 19 other metro areas.
While the preferred method of travel in Florida is by car, you can get around by walking or biking.
Schools
Families relocating to Florida often worry about where to send their kids to school. Well, fear not. Tampa is home to large and diverse school districts that offer plenty of opportunities for younger and older students.
In Tampa, the Hillsborough County School District is the 8th largest in the country and offers younger students an expansive network of resources and extracurricular activities. Additionally, for students wanting a challenge, Tampa Prep is a popular high school for children through grades 6-12 that centers on college preparedness. In terms of college-age students, Tampa residents have dozens of options, such as the University of Tampa.
Demographics
The Tampa population is growing about 2% per year, which outpaces the national average of 1.5%. Of this population, you will find a diverse mix of people and ethnicities contributing to a melting pot of cultures. Due to the city’s unique history, people from over 130 nationalities call Tampa home.
Unlike many other parts of Florida, which is a hotbed for retirees and senior citizens, Tampa residents tend to be younger. According to the U.S. Census numbers, the median age of Hillsborough County is 38 years old. For comparison, nearby Pinellas, Pasco, and Hernando counties all have a median age of around 48 years old.
Weather
Known as the Sunshine State, Florida boasts a sub-tropical climate with plenty of sunshine. However, while most of the state experiences mild weather during winter, summers are fairly harsh. During the summer, you will find hot, humid weather and regular rainstorms that rarely last longer than 45 minutes.
Things to do
Besides the booming Tampa Bay real estate market, Florida is brimming with things to do. Whether you’re looking for outdoor recreation or looking to escape the heat during summer, there is no shortage of activities.
Tampa hosts some of the best beaches in all of Florida. From sugary white sand to crystal clear waters, many of the city’s beaches regularly rank higher on lists from TripAdvisor and US News. Some notable beaches include Fort Desoto Park, Pass-A-Grille Beach, and Caladesi Island and State Park.
Also, families looking to spend the day with Mickey Mouse will be happy to know Orlando and all of its theme parks are just a short drive away.
Get help finding Tampa Bay real estate
If you’re searching for Tampa Bay homes for sale, you’ll probably want insider tips on the area from locals before you make the move. Hiring a knowledgeable realtor can not only make the relocation process easier, but they can tell you all about the area.
When you’re ready to relocate, contact the skilled Tampa Bay real estate expert Jason McIntosh today.