Moving to a new city can be exciting and daunting, especially when moving from a new town. So if you’re considering moving to the Tampa Bay area, keep a few things in mind to make your transition smoother and more enjoyable.
A Large City with Significant Growth
It’s essential to research the area thoroughly before you move. The Tampa Metropolitan area is the 18th largest in the U.S., with over 3 million people. The area has six counties: Citrus, Hernando, Pinellas, Pasco, Hillsborough, and Manatee—each county with multiple neighborhoods with something different to offer.
As of February 2023, the unemployment rate of the Tampa Metropolitan Statistical Area (MSA) was 8% lower than the national average. In addition, the area’s population has grown almost 16% in the last ten years, and it expects to add 700,000 residents by 2040 and 500,000 jobs in the same timeframe.
No State Income Tax
Florida is one of the nine states in the United States that does not impose a state income tax on its residents. The absence of a state income tax in Florida is due to the state’s constitution, which prohibits the imposition of a personal income tax. Instead, the state relies heavily on other sources of revenue, including sales taxes, property taxes, and corporate taxes, to fund its public services and infrastructure.
Florida’s lack of state income tax is one of the state’s best selling points for individuals and businesses, particularly retirees and entrepreneurs, looking to relocate to a state with a low tax burden. It can also help stimulate economic growth, as companies are more likely to invest in a state with a favorable tax environment.
Cost Of Living
The cost of living in Tampa is lower than in many other metropolitan areas. However, it’s important to note that the cost of living can vary significantly depending on other factors, including housing costs, taxes, and everyday expenses. Housing is the most common expense for people, and the Tampa MSA has many housing options available. According to data from Zillow, the median home value in the Tampa MSA was $317,000 in January 2023, up from $249,000 in January 2020. According to data from the Council for Community and Economic Research, Tampa ranks below the national average in terms of the overall cost of living, with a cost of living index of 94.9 as of the third quarter of 2022 (where 100 is the national average). Compared to other major metropolitan areas, the Tampa area’s cost of living is generally lower. For example, the cost of living index for the New York City metro area is 169.5, while the cost of living index for the San Francisco Bay Area is 183.4.
The climate in the Tampa area is generally described as humid subtropical, with hot and humid summers and mild winters. The region experiences a long growing season, making it ideal for agriculture and outdoor activities.
During the summer, temperatures in the Tampa area typically range from the high 80s to the low 90s Fahrenheit with high humidity levels. Thunderstorms and heavy rain are also common, especially in the afternoons and evenings, due to the area’s location along the Gulf of Mexico. In the winter, temperatures in the Tampa area are mild, with average highs ranging from the mid-60s to the low 70s and lows from the mid-40s to the low 50s. Cold snaps and freezes can occur, but they are relatively rare.
If you’d like more information or searching for a new construction home or condo in the Tampa, Florida, area, please contact us today.