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In its forecast for 2019, the Tampa Bay Business Journal predicted the city’s thriving economy would continue its rapid growth into 2020. It has seen an influx of jobs and workers across all of its industries and that’s had a positive impact on home sales and prices.
Future job growth in Tampa is expected to be 42.7% over the next decade. That’s much higher than the national average of only 33.5%. The demand for workers also has pushed wages up and unemployment significantly below the national average.
The job gains have also made the city one of the country’s fastest growing metropolitan areas and an attractive market for home buyers and investors. The median home value for the city is $224,300. It saw a 7.8% year-over-year change between 2017 and 2018. Expect the market to continue to grow this year and next.
What’s important to note for home buyers is that the city’s population growth along with affordable housing translates into a solid investment that will only grow into the foreseeable future. Some analysts have pegged the city’s median home values to increase by another 5.3% by January 2020.
If you’re thinking of buying a home in the city, contact a professional realtor. There can be big differences in pricing and quality of life in the city’s diverse neighborhoods. Clever Partner Agents know the city’s communities inside and out because they live and work in them. They know the neighborhoods, the latest block-by-block trends, and they can help you buy your dream home for a price that fits your budget.
Here are some of the best neighborhoods in Tampa to begin your house hunt.
The Channel District
If you like the feel of downtown living then this is the neighborhood for you. It’s adjacent to the downtown district and has an eclectic blend of modern and classic buildings. There are urban parks, lots of green space, plenty of restaurants, and shops for even the most eccentric tastes.
This is also turning into a business and entrepreneurial hub that attracts professionals from across the southern U.S. It also has a nice mix of houses and apartments. There are detached homes that can be bought for as low as $300,000. There are also modern lofts, and plush 3-bedroom condos that top the million-dollar mark.
This Channel District is a great opportunity for investors. The average rental price in this neighborhood is almost $2,500 per month. There’s also a lot of demand from renters who work in downtown, which is just a walking distance away.
Ybor (pronounced Ee-bor) saw an influx of immigrants from Cuba, Spain, and Italy in the late 19th century. Like many residents flocking to Tampa right now, they came looking for jobs. Some of them rolled cigars, others worked in the city’s factories. That immigrant spirit is still alive today. Ybor, also known as the city’s “Latin Quarter,” is one of three National Historic Landmark Districts in Florida.
This is a neighborhood where you can get a coffee any time of day or night. It has a reputation for being a “24/7” neighborhood. That means there’s always something to do, not just on the weekends.
While this part of the city likes to have fun, it’s also extremely family-friendly. It holds a Mardi Gras-style halloween every year for kids. This is also an extremely affordable neighborhood. The median home value is $127,502, making it one of the least expensive neighborhoods in the state.
West Tampa is located just east of the city’s business district and west of its downtown. It once produced the most cigars in the world. The cigar factories have now mostly closed and the economy has diversified. So have the residents.
In recent years, the community has seen a rise in its Asian-American population and from immigrants from around the world. The city has employed a redevelopment plan just for this part of Tampa.
It features single-family homes aimed at attracting young professionals and first-time home buyers. The city also notes West Tampa may be just the perfect place for empty nesters who want to downsize their homes.
Median home values in this neighborhood are $243,214, which makes it extremely affordable. The relatively low home prices also attract managers and professionals working in local tech companies.
This is the right place for you if you like arts, music, and creativity. Seminole Heights celebrates its bohemian feel. It’s a serene neighborhood consisting of bungalows and an eclectic range of houses.
The residences meld into its gourmet coffee and tea shops, chic retail stores, and unique restaurants. It’s no surprise that there are several glass-blowing studios and you can always find a festival or tour a historic home. This ia a neighborhood that takes being friendly seriously, making an effort every Sunday to bring neighbors together at a morning market.
Home prices in this neighborhood are slightly higher than the city average. The median home value is $265,382. It has homes and condos to suit every taste and need. There are single-family homes, small apartment buildings, and larger 4- and 5-bedroom homes.
This is a hotspot for professionals and entrepreneurs who want a contemporary and trend-setting vibe along a waterfront community. It has designer shops, chic cafes and hip dining spots. It also makes it easy to work and live close by.
That’s probably why it draws a wide mix of artists, entrepreneurs, tech professionals and new immigrants. A view of Boca Ciega Bay also helps. The scenery may be the reason why so many of its residents choose to telecommute and work from home.
It’s a relatively affordable community. The median home value in Gulfport is $206,800. It’s forecast to grow by 3.6% this year after seeing steady growth between 2017 and 2018.
House Hunt with a Professional Realtor
Clever Partner Agents will help you buy your dream home in a neighborhood that suits your lifestyle and financial situation. The are all full service and can also save you money through a home buyer rebate. It can provide $1,000 back on your home’s purchase price. You can use this money for the down payment or to help pay for closing costs.
Clever partners with top real estate agents from major companies like Keller Williams, Century 21, and RE/MAX. Partner Agents are full-service and can help you find additional cost saving opportunities. They can also help you evaluate your financing options and are knowledgeable about state and federal grants and programs for home buyers.