Florida has been the number one relocation destination for many Americans for the past few years. Besides being a popular tourist destination, many are packing up and heading to the Sunshine State in droves. This is especially true for the Tampa Bay area, one of the hottest housing markets in Florida.
Aside from the amazing weather and picturesque beaches, why are so many people moving to Florida? What impact is it having on the housing market and small businesses? Are there benefits to this mass influx of people moving to Tampa Bay?
These are just a few questions that arise when large influxes of people come in from out of state.
Florida has become a magnet state for those wishing to relocate for several reasons.
First, it is a beautiful state that offers much entertainment and attractions for families wishing to set up roots, not to mention the amazing weather. This may be one driving factor pushing many residents from across the nation to move there. For instance, Tampa Bay is one of the top 5 relocation cities chosen by New Jersey residents for relocation. So, the migration trend shows that New Jersey Snowbirds are evolving into Limpkins.
Along with sunny beaches, Florida has a booming economy. With 1.4 trillion in gross state product (GSP) in 2021, it is the fourth largest economy in the United States. This, combined with good unemployment rates, cheaper property taxes, and no state income tax, makes Florida a magnet for retirees and those still in the job market who can easily find work in healthcare, construction, or remote-work positions.
Implications for Tampa Bay Residents:
As appealing as the Sunshine State may be for outsiders, the large influx of people may not be as fun for Floridians, especially Tampa residents.
It is projected that Hillsborough County will see a dramatic increase in population growth by 2026, with Tampa Bay being the highest at 25%.
This is driving up the cost of housing and increasing traffic congestion. It may even be hurting the local wildlife, as new homes and businesses are springing up in otherwise untouched areas.
The real estate market has seen the median price for single-family homes rose to 27.8% as of May 2022. Zillow forecasts that Tampa Bay will continue to be one of the hottest housing markets in 2022 and 2023. While the spike in housing prices appears to be leveling off, there is no sign of home values collapsing, as in 2008.
Although this may be good for sellers, it can be detrimental to locals looking to rent or those who want to make a first-time home purchase.
The Benefits for Tampa Bay:
Despite some of the troubles with the mass influx of people moving in, there is a silver lining for Tampa Bay locals and Floridians.
New residents in the area will mean that local shops, businesses, and restaurants will have a much larger customer base, which means increased sales and revenue. Residents already owning a home are seeing their home values and subsequent net value increase.
With this economic boom in sales and services comes a larger stream of funds into municipal, county, and state tax pools. As a result, Tampa residents and Floridians could see tax cuts or increases in infrastructure, schools, local parks, and emergency services funding.
Along with those essential services can come more jobs and employment opportunities for new and local residents. This can also be a huge benefit, as many people moving to the area are not retirees but of working age who need gainful employment or might be looking to relocate their business and residence.
Whether people like it or not, Tampa Bay and Florida are magnets for domestic relocation. And that isn’t going to change any time soon. People will continue to flock to the Sunshine State for the foreseeable future.
With all this will come a prosperous economic boom and more guests and patrons to frequent the local establishments. And even starting a few businesses of their own to add to the vibrant atmosphere of Tampa Bay.
About the guest author:
Ck Harrington is an online public relations specialist for Allied Van Lines, a Memphis native and a recent migrant to Savannah, Georgia. When Ck is not writing content, he loves reading science fiction and popular science. If he’s not reading or writing content, he’s probably playing disc golf, exploring beaches, or hiking trails with his three dogs.