Tampa Bay area experiences huge housing demand
Key Points(5)
- According to the U.S.
- Census Bureau on domestic migration, Florida, with 318,855 people relocating to the state, had the highest net migration in 2022, and this was also the first time since 1957 that Florida has been the state with the largest percent increase in population.
- It is reported that last year, Tampa ranked second, only behind Miami for most popular destinations for homebuyers.
- Tampa is growing in popularity among homebuyers who are moving for the affordable housing market.
- The Tampa Bay Area encompasses the cities of Tampa, St.
According to the U.S. Census Bureau on domestic migration, Florida, with 318,855 people relocating to the state, had the highest net migration in 2022, and this was also the first time since 1957 that Florida has been the state with the largest percent increase in population.
It is reported that last year, Tampa ranked second, only behind Miami for most popular destinations for homebuyers. Tampa is growing in popularity among homebuyers who are moving for the affordable housing market.
The Tampa Bay Area encompasses the cities of Tampa, St. Petersburg, and Clearwater, and the entirety of Hillsborough County and Pinellas County, along with a partnership of counties, including Hernando, Pasco, Manatee, Citrus, Sarasota, and Polk counties.
According to reports, from 2020 to 2022, Pasco experienced a growth of 7.5%, followed by Hernando by 5.8%, and Citrus by 5.2%. To the south, Manatee showed a 6.9% increase, while Sarasota had a 6% population growth. To the east, Polk's population rose by 7.9%.
“The area’s exponential growth has caught the eye of businesses, corporations, young professionals, and entrepreneurs looking to polish this diamond in the rough rife with untapped potential,” says Moises Agami, CEO of Valor Capital. “Tampa Bay is a peaceful paradise endowed with breathtaking beauty, spectacular beaches, and a vibrant multicultural atmosphere. It is perfect for those seeking a vacation-like lifestyle at a fraction of the cost of areas like Palm Beach and Miami.”
During the last fiscal year, St. Petersburg issued 36,800 building permits, bringing in $1.4 billion in construction value.
Tampa Bay was rated one of the top five places to live in the U.S. in 2022, leading to an increased demand for housing in the area. Tampa Bay boasts some of the most affordable living costs compared to other places to live. Furthermore, the job market is flourishing with its average salary surpassing the national average. In 2020, 2.1 million Floridians spent over 30% of their income on housing.
Tampa Bay has also grown as a significant economic hub, with the port accounting for an economic impact of over $18 billion, providing more than 85,000 jobs. Moreover, in 2021, Tampa Bay’s independent workers brought in an estimated $2.8 billion in revenue.
“Real estate has a deep economic impact on the lives of all Tampa Bay communities. The momentum of St. Petersburg’s entrepreneurial spirit provides a preview of Clearwater’s immediate future. Businesses, investors, and successful professionals are already demonstrating a keen interest in what Clearwater has to offer and have begun pulling up stakes to reap the benefits of this sleeping giant of limitless possibilities,” said Agami.
