Housing

Warning To Homeowners--Tampa Was One Of America's Fastest Growing Cities

Douglas A. McIntyre

Published: September 28, 2024 6:54 am

Tampa often appears in lists of America’s fastest-growing cities by population, frequently in the top 10. However, there is a good chance it will not make any of these lists in the future.

Tampa has been damaged by three hurricanes recently. According to The New York Times, these include Idalia in August last year, Debby, which hit last month, and Helene two days ago. Helene may have caused the most hurricane damage to Tampa in history. The Tampa Bay Times reported 1,000 rescues of people. Damage to homes will certainly run into the hundreds of millions of dollars.

Porch.com recently named Tampa the sixth fastest-growing big city in America. Between 2010 and 2020, the population rose 21% to 408,000, ahead of Phoenix and Miami and just behind Austin.

Tampa is a good example of what happens to homeowners in a “hot” real estate market. Events can turn the tables. According to real estate research firm Redfin, home prices in Tampa dropped 3.3% year over year last month. Most research shows that national home prices are rising.

Another factor affecting Tampa’s real estate values is that homeowner insurance is skyrocketing as insurance companies try to compensate for huge losses on damaged homes.

Tampa is unlikely to be a fast-growing city, meaning real estate owners will likely pay a price.