Housing
Warning to Homeowners: Tampa Was One of America's Fastest Growing Cities
Published:
Last Updated:
24/7 Wall St. Insights
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.
Everyone Is Moving to This Unexpected City
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.