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St. Petersburg Introduction
St. Petersburg is located in Pinellas County on the eastern coast of central Florida. It is on a peninsula between Tampa Bay and the Gulf of Mexico. St. Petersburg is the fourth largest city in Florida. The City of St. Petersburg is 20 miles southwest of Tampa (across the bay), 106 miles southwest or Orlando, 225 miles southwest of Jacksonville, and 264 miles northwest of Miami.
St. Petersburg Neighborhoods
St. Petersburg has been recognized as one of "America's Most Livable" cities by the Partners for Livable Communities. St. Petersburg has a nice mix of neighborhood types from historic communities featuring homes from the 19th century to affordable family-oriented residential neighborhoods. The major areas of St. Petersburg include:
Approximately a third of St. Petersburg housing consists of pre-WWII era homes. These are typically compact homes with nice architectural detailing, front porches, and fireplaces. These are located in family-oriented areas in and near downtown. Many smaller scale historic homes are being renovated and historic downtown buildings are also being converted to residential living spaces.
St. Petersburg Real Estate
As of 2005, the U.S. Census Bureau estimated that there were 126,892 housing units in St. Petersburg, of which 63.3% were owner occupied, about 5% below the national average. 14.3% of St. Petersburg housing was vacant, which was above the national average of 10.8%.
41.9% of the housing units in St. Petersburg were built prior to 1960. 40.6% was built in the 1960s and '70s. 9% was built in the 1980s, 4.5% in the 1990s, and 4% since the turn of the century. Three quarters of St. Petersburg homes are four to seven rooms in size. Slightly over two thirds have two to three bedrooms. Only 8% have eight or more rooms, and only 9.9% have four or more bedrooms. St. Petersburg homes are most commonly heated by electricity.
In St. Petersburg, 68.2% of the owner-occupied housing units have a mortgage. Many property owners in St. Petersburg (26.6%) are tapping into the equity in their homes with home equity loans and/or second mortgages.
An owner occupied residence in St. Petersburg had a median value of $166,500 in 2005. This was slightly less than Tampa across the bay, and $1,000 less than the national average at that time. This represented significant appreciation from the 2000 census when the value of a St. Petersburg residence was $81,000. According to the National Association of Realtors, the median price of a St. Petersburg residence was $203,200 at the end of the Q1 2007. At that same time, a condominium in St. Petersburg was worth $171,800.
Median owner costs for a house in St. Petersburg were $1,152 per month as of 2005, somewhat below the national average. In St. Petersburg, 68.2% of the owner-occupied homes have a mortgage. Many home owners (approximately 26.6%) are also tapping into the equity in their homes with home equity lines of credit (HELOCs) and/or second mortgages.
St. Petersburg Property Taxes
The Pinellas County Tax Collector collects the property taxes for St. Petersburg. The Pinellas County Property Appraiser's Office determines the value of all property in St. Petersburg for tax purposes. As of 2005, the median annual property tax bill for an owner occupied house in St. Petersburg was $1,395.
St. Petersburg Schools
St. Petersburg is served by the Pinellas County School Board District, which is the 7th largest school district in Florida, and one of the 35 largest in the United States. The district operates over 140 schools (elementary, middle, and high), and serves over 150,000 students. In 2006, 74 of the schools in the Pinellas County School Board District were recognized by the "Florida School Recognition Program".
There are numerous colleges and universities located in St. Petersburg, including Eckerd College, The Poynter Institute, St. Petersburg College, and the University of South Florida St. Petersburg.
St. Petersburg Economy
The St. Petersburg economy rests on the foundation of five major industries:
St. Petersburg has won numerous awards for the strength of its economy from major publications such as Inc. ("Top 10 Hottest Large City" for business), Forbes Magazine and the Milken Institute (No. 1 Best Place for Business and Careers in Florida) and more. Major employers in St. Petersburg include: All Children’s Hospital, Bayfront Medical, Bright House Networks, Ceridian Benefits Services, Fidelity National, Franklin Templeton, Home Shopping Network, Jabil Circuit Inc., Mercury Insurance, Mortgage Investors Corp, Progress Energy, Raymond James Financial, Raytheon E-Systems, St. Anthony’s Hospital, and Times Publishing. Two of these companies, Jabil Circuit Inc. and Raymond James Financial, are on Fortune's Fortune 500 list.
In 2005, the median household income in the City of St. Petersburg was $50,108 according to US Census estimates. This was about 10% below the national average.
St. Petersburg and Florida Mortgage and/or Real Estate Organizations
| Category | Value |
|---|---|
| Homes With No Mortgage | 28% |
| With A Mortgage | 72% |
| First Mortgage Only | 55% |
| Second Mortgage or Home Equity Loan | 17% |
| Second Mortgage Only | 10% |
| Home Equity Loan Only | 7% |
| Category | Value |
|---|---|
| Owner Costs as % of Income | 19.7% |
| Median Real Estate Taxes (2000) | $883 |
| Category | Value |
|---|---|
| Total Occupied | 109,519 |
| 1-Person Households | 36% |
| 2-Person Households | 34% |
| 3-Person Households | 14% |
| 4-Person Households | 9% |
| 5-Person Households | 4% |
| 6-Person Households | 1% |
| 7+-Person Households | 1% |
| Category | Value |
|---|---|
| Median Year Built | 1963 |
| Median Year Built (Owner Occupied) | 1960 |
| Median Year Built (Renter Occupied) | 1968 |
| Category | Value |
|---|---|
| Using Utility Co. Gas Heat | 11% |
| Using Bottled/Tank Gas Heat | 2% |
| Using Electric Heat | 80% |
| Using Oil Heat | 6% |
| Using Coal | 0% |
| Using Wood Heating | 0% |
| Using Solar Heat | 0% |
| Other Heating | 0% |
| No Heating | 1% |
| Category | Value |
|---|---|
| No Bedrooms | 0% |
| 1 Bedroom | 7% |
| 2 Bedrooms | 44% |
| 3 Bedrooms | 37% |
| 4 Bedrooms | 10% |
| 5+ Bedrooms | 2% |
Rate quotes from multiple lenders for the St. Petersburg area:
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