These Are The Most Expensive Cities In Tampa To Buy A House
Purchasing a home is one of the biggest investments anyone will make. A home doesn’t just offer a cozy place to live, but also is a large asset that can make you some serious money if played correctly. If you’re looking to make the move to Tampa Bay, you may want to take this into consideration when choosing where to live. But, what are the most expensive cities in Tampa to buy a house? Let’s break it down.
In November 2023, the average home value in the United States was higher than 2022. Coming in at $347,415, the national average rose by 2.2% in just a year. As of December 14, 2023, the 30 year fixed mortgage rate sat at 6.95%.
What contributes to rising home values?
Well, high mortgage rates are causing monthly payments to increase, making it more difficult to buy for most families. When Stacker put together their list of the most expensive cities in Tampa to buy a home, they used data from Zillow dating back to 2018.
There’s no doubt prices have inflated across the country, but some cities have a higher average than others. According to Florida Atlantic University, Tampa home buyers paid 42.81% premiums for a home in November 2023.
Elia Beracha, Ph.D., director of FIU’s Hollo School of Real Estate, said “Without these higher interest rates, we would see Florida’s prices reaccelerate because there is so much demand relative to the supply of units,” Beracha said. “As well, the influx of high-income movers to Florida is putting upward pressure on prices. We are witnessing a transition in Florida’s economy and our housing markets around the state are experiencing growing pains from this transition.”
The 10 Most Expensive Cities In Tampa To Buy A House:
- Belleair Beach, FL:
- Average Home Value: $945,260
- 5 Year Change: +68.9%
- Redington Beach, FL
- Average Home Value: $907, 371
- 5 Year Change: +86.9%
- Indian Rocks Beach, FL:
- Average Home Value: $883,737
- 5 Year Change: +75.1%
- Tierra Verde, FL
- Average Home Value: $859,297
- 5 Year Change: +72.2%
- Redington Shores, FL
- Average Home Value: $805,043
- 5 Year Change: +61.2%
- North Redington Beach, FL
- Average Home Value: $795,458
- 5 Year Change: +66.1%
- Madeira Beach, FL:
- Average Home Value: $786,306
- 5 Year Change: +74.7%
- Indian Shores, FL
- Average Home Value: $733,032
- 5 Year Change: +66.1%
- Saint Pete Beach, FL
- Average Home Value: $715,968
- 5 Year Change: +64.3%
- Belleair, FL
- Average Home Value: $692,230
- 5 Year Change: +72.4%
Many of these cities are located on or right near the beach so below we include a few cities within Tampa Bay where families may be looking to find a home. Safety Harbor ranks #16 and saw a +71.7% increase over the last 5 years with an average home value of $517,988. Dunedin ranks #21 and saw a 77.7% increase over the last 5 years with an average home value of $442,452. Wesley Chapel ranks #24 and saw a +65.9% increase over the last 5 years with an average home value of $426,600.
It has become increasingly harder for middle class individuals to own a home in the state of Florida and across the country. Younger generations are forced into high-rise apartment complexes with skyrocketing rent without gaining any sort of equity in their home. Where are you looking to purchase a home? To view the full list of most expensive cities in Tampa to buy a house, click here.
Realistic Advice For Moving To Tampa
Pack Some Patience
This is slightly a joke but also kind of serious because it really does take an hour to get anywhere in Tampa. If you plan on moving to Tampa be sure to bring some patience. Trust us, you’ll need it for driving on 275 or across the Howard Frankland during rush-hour (or any time of day really).
Get Your Insurance FAST
One of the biggest cons of moving to Florida/Tampa is the insurance rates. You have 10 days to title and register your car, boats, mobile home, etc. You’ll have 30 days to obtain a Florida driver license. If you don’t, you could see a hefty $500 fine. It’s also worth noting the cost of car insurance is 30% higher than the national average.
Also since Florida is constantly threatened by major hurricanes, expect to pay A LOT for home/flood insurance.
Learn Our Driving Habits
It’s something that even locals are guilty of doing. If you want to fit right in with the rest of Tampa, be sure to never use your blinker and let other drivers know your next move. Also, instead of making a u-turn, it’s Florida policy to cut over 3 lanes of traffic to correct your mistake. (For legal reasons, this is a joke).
If you go anything under the speed limit in the left lane, be prepared to be met with a lot of middle fingers from Tampa locals.
Don't Brag About Your Hometown
Seriously, you made the move. Now you’re a Floridian. We don’t care “how you did it in New York”. If you liked it so much, you could’ve stayed. Related note: Once you make the transfer to Tampa, leave behind your old team sports gear. You’re a Bucs/Rays/Lightning fan now.
Sunscreen, Bug Spray, and Allergy Medication Are Your New Best Friends
One thing you may not have realized in Florida is the bugs are INTENSE. Mosquitoes, fire ants, and palmetto bugs are extremely common. You also might want to get used to wearing sunscreen daily and have some allergy medication on hand. We have plants that bloom year-round which causes a lot of issues for people with bad allergies. Plus the ocean breeze can move pollen for miles.
Learn To Wait Out The Rain
If you’ve visited on vacation you probably experienced this. It’s a beautiful sunny day until around 4pm when we get our daily showers. If you’re at an amusement park like Busch Gardens, don’t worry about gathering your things and leaving (unless otherwise stated by the park). Majority of the time, you can wait out the storm in 30-60 minutes.
Do A Trial Run
Before making the move to Tampa, maybe consider doing a trial run during our “worst” months. It’s the hottest in July/August, hurricanes really pick up in September, traffic is TERRIBLE during spring break. If you plan a 2-3 week visit during any of these months, you’ll get a real taste of what it’s like living in Tampa.
