Tampa Bay Real Estate
With a population of just over 385,000, Tampa is the third largest city in Florida. Located on the state’s west coast 20 miles northeast of St. Petersburg and 180 miles southwest of Jacksonville, Tampa features a diverse economy that includes such industries as agriculture, health care, construction, finance, technology and tourism.
The county seat of Hillsborough County, Tampa has a population that accounts for around one-third of the entire county’s, which is Florida’s fourth most-populated county. The city’s population density is high, at 2,970 persons per square mile.
Demographically, as of the 2010 census, the population of Tampa consisted of 62.9 percent white, 26.2 black or African American, 23.1 percent Hispanic or Latino, 3.4 percent Asian, .4 percent Native American or Native Alaskan, .1 percent Native Hawaiian or Pacific Islander, 3.2 percent mixed race and 3.8 percent other races.
The 2010 census also indicated that there were 157,130 homes in Tampa, 13.5 percent of which were vacant. The city’s average household consisted of 2.36 persons; the average family consisted of 3.07 persons. The current rate of home ownership is currently 48.3 percent.
The median age of Tampa residents is currently 35.6 years. For residents over the age of 25, the highest educational attainment of 25.9 percent of residents is a high school diploma, 22.1 percent a bachelor’s degree, 16.8 percent some college, 14.1 percent a graduate degree, 8.2 percent an associate’s degree, 7.8 percent some high school and 5.1 percent less than high school. The average annual earnings among residents is $36,338; the median income among households is $48,245. The city’s current unemployment rate is 8.1 percent, and the poverty rate is 20.02 percent.
Historically, the Tampa Bay Florida real estate construction boom suffered during the 2007-2010 financial crisis and was ranked the fourth worst-performing market in the nation by 2009.
With a median home value of $224,000, which indicates a rise of 7.8 percent over last year, the Tampa real estate market is currently cool. The median list price per square foot of $196 is higher than that of the greater Tampa Bay real estate price per square foot average of $144. The median price of currently-listed homes in the Tampa real estate market is $325,000, and the median price of homes sold during the past year was $232,300. The median rent of $1,500, or $1.30 per square foot, in the city of Tampa is slightly lower than the $1,525 median rent of the metro Tampa Bay real estate rental properties.
The percentage of Tampa home owners delinquent on their mortgages is 7.5 percent. This is higher than that of the greater Tampa Bay Florida real estate delinquency rate, which is 5.9 percent.