If you’re considering relocating to Tampa Bay, you will be making a wise decision. Here’s why. Tampa currently ranks 10th for economic growth among the top 100 U.S. metros, according to the Bureau of Economic Analysis. The BEA also shows that Tampa’s growth is driven primarily by the insurance, finance, and real estate sector. But, the professional, business services, and construction sector is also making a large contribution to Tampa’s growth. Tampa Bay property experts report an upswing this year of 10% in median sales prices. They also report a 5% increase in median monthly rent. Residential property management Tampa companies are flourishing due to the economic growth in the area. For example, the median sales price for a home is $223,250, at an average of $151 per square foot. Rental properties are at a median rent of $1,575 per month.
But, the growing economy is only one reason you will enjoy living in the Tampa Bay area.
More Reasons to Relocate to Tampa Bay
Progress in large cities is ranked according to projected growth in employment, wages, and home prices. But, there are other, more exciting things that contribute to a city’s reputation as a desirable place to work and live. For anyone who wants to live in a thriving city, but also feel like they’re on vacation year round, Tampa is the perfect place. Here are some other factors that make Tampa an excellent choice for starting a business, raising a family, or retirement:
- Balmy temperature and tropical breezes with 361 days of sunshine and average temperatures of 73 degrees.
- Charming historical neighborhoods.
- Plenty of suburban and planned communities with a decent commute.
- No State income tax. Property taxes are about 2%.
- Relatively affordable housing costs.
- The average cost of living is about 7% lower than the national average.
- Florida reported the lowest state unemployment rate in the nation, with Tampa leading the region at 3.8 percent.
- Tampa’s schools are serviced by the 8th largest school district in the U.S.
- College-age students have dozens of options, including the University of South Florida and the University of Tampa.
- Culinary diversity from farm-to-table to a Latin-inspired food truck, and everything in between.
- Wide variety of festivals and celebrations year-round.
- More than 150 parks for those who prefer a leisurely way to spend the day.
- Less than one hour away from a variety of beach towns.
- Four professional sports teams.
- A wide variety of outdoor sports such as bike trails, cycleboats, foot-races, and more.
- A lively cultural scene with notable museums such as Tampa Museum of Art and Florida Museum of Photographic Arts.
- Tampa is a top destination for golf lovers with some of the best golf courses in the world.
- Tampa is considered to be the best place for retirees in the U.S.
Moving to Tampa Bay – Something for Everyone
As you can see, Tampa Bay has something for everyone, from coastal restaurants and bars, nightclubs, romantic places to walk, affordable housing, quality schools, sports, and much more.
Tampa Bay is one of the nation’s 10 most preferred choices for people who are relocating. In fact, Business Insider named it the “hippest city everyone under 30 wants to move to.” Since the city attracts so many people who want to relocate or retire, it won’t be difficult to make new friends with people who have similar interests.
You’ll be interested to know that Tamps ranks among the most tolerant cities in the U.S. It is a city with a very rich culture where everyone can enjoy variety and diversity every day. You won’t have to worry about feeling out of place or isolated like you would in most other large cities.
If you would like more information, contact Tampa Bay Realty & Investment Group today. Get ready to start packing!
