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Home Buying Guide - Familiarize Yourself with the Market

Today’s episode we’ll discuss the things to consider when familiarizing yourself with a new city or neighborhood and how the Tampa Bay market might fit into being your next new home town!

Here are 9 points to consider:

  1. Cost of Living:
  • Axios cost of living index in Tampa for the 3rd quarter of 2023 goods & services tend to be less expensive than nationally
  • Bureau of Labor Statistics food costs climbed 4 percent overall in the area, Energy costs climbed 5.9 percent over the past year
  • Gas prices typically hover around $3.25/gal.


  1. Housing
  • Home prices recently appreciated almost 40% in some areas of the Tampa Bay market.
  • The median cost of a single family home is almost $410,000 vs $387,000 nationally.
  • Median rental rate in Tampa is $2,145/mo.


  1. Job Opportunities:
  • The Census Bureau pegs Tampa Bay’s median household income at $48,911
  • Ranks 23rd of 25 major metropolitan areas – higher than Orlando and Miami.
  • This data is impacted by factoring in the income level of retirees in the area. 


  1. School Quality:
  • Niche – Hillsborough County Public Schools has an overall grade of B+ and a rating of 3.95 out of 5 based on 947 reviews.
  • In 2022-2023, the Florida Department of Education gave Hillsborough County Schools a “B” baseline grade rating.
  • Some school districts can require a premium in home prices above other similarly ranked school districts.


  1. Safety and Crime Rates:
  • Tampa Police Department Tampa ranked 14th for overall lowest violent crime rate in 2022 in a survey of 59 major U.S. cities.


  1. Amenities and Services:
  • The Tampa area is an evolving market with new development happening throughout Hillsborough and surrounding counties.
  • Amenities and services are most prevalently accessible in areas toward the urban core.
  • Newer development areas will offer less accessibility for public transportation and other public infrastructure.
  • A typical commute throughout Tampa Bay is at most 30-45 minutes during “drive time”.


           Future Development Plans:

  • Recent major investments in infrastructure like Tampa’s Riverwalk and the new Water Street district have resulted in a considerable rise in value for adjacent communities.


  1. Climate and Weather:
  • 100 degree temperature has never been recorded at Tampa International Airport,
  • Humidity levels can average in the 80% levels throughout most of the summer. The benefit is that our winters are usually dry & very temperate most of the time.
  • Last hurricane to directly hit the Tampa area was in 1921.
  • Tampa is pretty much the eastern most point on the west coast of Florida


  1. Cultural and Recreational Opportunities:
  • Florida is well known for it’s beaches, fishing, wildlife & parks.
  • While surrounded by water, Tampa Bay offers few typical beaches.
  • Pinellas has some of the perennially ranked best beaches in the nation. Fishing avails a wide number of species in the bay as well as off shore.
  • Not uncommon to see porpoises and manatees in the bay
  • There are many local museums and locations that display the long history of the area!
  • Galleries which display internationally renowned artists such as Dali, Chihuly Glass & Remington’s statues and renowned art.
  • Tampa Bay does have a thriving local live music scene as well as some of the most emerging restaurants & chefs in the nation.
  • Gasparilla is a month long yearly spring celebration which includes parades through the city, distance running events and international art show and a weekend long music festival
  • Tampa is proud to host three championship level professional sport franchises
  • Golf and tennis are also prevalent due to our accommodating weather.
  • Tampa hosts international speed boat racing and sailing events.
  • Tampa has the longest continuous sidewalk and the smallest park in America!?


  1. Community Atmosphere:
  • Tampa has become a diverse city representing numerous cultures, lifestyles and political affiliations.


In the upcoming Researching the Market video I’ll provide you some great tools for you to use online to determine some of the best communities for your move situation! Thank you for your time & have a great day!

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