Real estate costs are increasing across the United States. In many cities, young people cannot afford to purchase homes. As a result, many people are looking for cities to move to. Tampa is a frequent destination for people who want a lower cost of living. Although the state of Florida is generally more expensive than other states, Tampa is much cheaper than other cities in Florida. The city of Tampa also has a vibrant economy and a friendly culture. 

Housing Prices

Although housing prices in Tampa are higher than a few years ago, the overall cost of living in Tampa is much lower than the national average. A family can purchase a beautiful home in the city for about $300,000. Land prices are much higher close to the ocean. Anyone who wants to save extra money when purchasing real estate should consider looking inland. Many people work with a local real estate agent to find out where to live in Tampa. 

Rent prices are also reasonable in the city. Although rent prices usually increase during the summer, it is still affordable for young professionals. According to a recent report, the Tampa Bay area has a cost of living index of 89.6. 

Some parts of the city are starting to become too expensive for most people. These areas are convenient to the beach or close to significant companies that employ local workers. Real estate in Tampa will continue improving in value in the coming years. 

Related content: Moving to Tampa | Where to Live: A Tampa Neighborhoods Guide

Lending

When purchasing a home, one of the most common issues for buyers is financing. The vast majority of people get a mortgage when buying a home. Tampa has a robust infrastructure of local banks. These banks have friendly associates who are willing to work closely with customers. Some people do not enjoy working with national banks when getting a mortgage. With all of the local credit unions in Tampa, anyone living in the city has plenty of banking options. 

Economic Growth

Mayor Buckhorn recently gave a speech about the economic outlook for the city. He spoke about all of the positive developments over the past year. The City of Tampa has one of the lowest unemployment rates in the state. During the summer months, local shops have a hard time finding workers to fill seasonal positions. Wages in the city have been rising as the employment shortage continues to increase. 

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Future Growth

With all of the positive developments in Tampa, most economic experts expect that the city will continue thriving in the coming years. You can easily see why Tampa is becoming a hot new spot for moving! Anyone who wants to raise a family should consider working with a real estate agent to find out where to live in Tampa.

For more information on housing in Tampa and other real estate news, check out 813area, your local guide to your favorite city!

Cover photo courtesy of Unsplash