Tampa is considered another ‘Boom Market’ which has benefitted from a dramatic increase in population during the pandemic. In the last 10 years, Tampa’s population has increased by almost 20%. The cost-of-living is 5.6% below the national average, and compared to the other big cities in Florida, Orlando and Miami, it’s notably more affordable.
Tampa summers are a balmy 83 degrees and winters average 62 degrees. The area attracts retirees and young professionals alike. With steady job growth and a relatively low unemployment rate, the population is expected to continue to its growth.
Because a good portion of Tampa’s economy is reliant on tourism, that sector has taken a big hit during the pandemic. However, nearby MacDill Air Force Base employs some 15,000 military workers, and contributes to Tampa’s diverse and stable economy. Amazon is also set to open a new extension to their fulfillment center in Tampa this year, which will add another 750 jobs to the area.
Tampa is similar to the Dallas/Fort Worth real estate market because it has a large population of renters (54%). Another Super Sun Belt Magnet city, Tampa continues to have solid economic growth, which is fueling a rapidly rising population.
All of these factors indicate that the Tampa real estate market offers appreciation and cash flow opportunities for investors.