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Tampa Introduction
Tampa, the third largest city in Florida and the county seat for Hillsborough County, is located on the west coast of central Florida on Hillsborough Bay and Old Tampa Bay. The City of Tampa is 20 miles northeast of St. Petersburg (across the bay), 180 miles southwest of Jacksonville, and 200 miles northeast of Miami. Tampa has a very attractive combination of economic vitality, excellent weather, and world-class arts and entertainment attractions that make it a very desirable place to live.
Housing Styles in Tampa
As with any large city, Tampa offers a very wide range of living options. Choices range from high rise condominiums on the bay, to historic bungalows, to country club communities, to lakeside villas, and even exclusive gated communities. There is also an abundance of new construction to choose from as Tampa area new constructions continues to grow at around 14%.
Housing options across Tampa neighborhoods range from affordable for the first-time home buyer, to multi-million dollar estates.
Tampa Neighborhoods
Whether you prefer a more urban lifestyle, or classic suburban living, Tampa has something for everyone. Some of the more notable areas of Tampa include:
In a city the size of Tampa there are many other wonderful communities, as well as very nice living options in the communities that surround the city. There are even some nice communities on islands in the bay, including the Davis Islands and Harbour Island.
Tampa Real Estate
As of 2005, the United States Census Bureau estimated that there were 149,777 housing units in Tampa. 55.7% of these were owner occupied, which is below the national average. 9.6% of Tampa housing was unoccupied or vacant, which is below the national average.
36.4% of Tampa's housing was built prior to 1960. 28.2% was built in the 1960s and 1970s. 13.2% was built in the 1980s, 12% in the 1990s, and 10.3% since. Over three quarters of Tampa housing is 4 to 7 rooms in size. Two thirds has 2 to 3 bedrooms. Only 10% has 8 or more rooms, and only 13.6% has 4 or more bedrooms. Electricity is the most common form of heating a Tampa home.
In Tampa, approximately 71% of the housing units have a mortgage. Many Tampa home owners (approximately 15%) are tapping into the equity in their homes with home equity loans and/or second mortgages.
An owner occupied home in Tampa had a median value of $168,300 in 2005, which is essentially the same as the national average at that time. This was also up significantly from the 2000 census when the median value of a Tampa home was $81,500. According to the National Association of Realtors, the median price of a Tampa home was $203,200 at the end of the Q1 2007. At that same time, a Tampa condo cost $171,800.
Median monthly owner costs for a house in Tampa were $1,221 as of 2005, slightly below the national average. In Tampa, approximately 71% of the housing units have a mortgage. Many Tampa home owners (approximately 15%) are tapping into the equity in their homes with home equity loans and/or second mortgages.
Tampa Property Taxes
The Hillsborough County Tax Collector collects the property taxes for Tampa. The Hillsborough County Property Appraiser determines the value of all property in Tampa. In 2005, the median annual property tax bill for an owner occupied home in Tampa was $1,709.
Tampa Schools
The City of Tampa is served by Hillsborough County Public Schools. Hillsborough County Public Schools has 120 public elementary schools, 40 middle schools, and 23 high schools that serve almost 170,000 students. In 2006, 126 of Hillsborough County Public Schools were recognized by the "Florida School Recognition Program".
There are also nearly 120 private schools in the Tampa area.
There are numerous colleges and universities located in and around Tampa, including the University of South Florida, Hillsborough Community College, St Petersburg College, Saint Leo University, Everest University, the University of Tampa, Eckerd College, and more.
Tampa Economy
One of the main drivers of the Tampa area economy is travel and tourism, as it is for most of the rest of Florida. Tampa is also one of the world's major emerging financial centers. The largest parts of Tampa's non-public sector economy are professional and business services, trade, transportation and utilities, education and health services, leisure and hospitality, financial services, construction, and manufacturing. The largest private sector employers in Tampa are Publix Super Markets, Baycare, Verizon Communications, Danka Business Systems, Lincare Holdings, JP Morgan Chase, TECO Energy, Beall’s, Bank of America, Outback Steakhouse, and Citigroup. There are four Fortune 1000 companies headquartered in Tampa.
The median household income in Tampa was $47,329 as of 2005 according to US Census estimates. This was under the national average.
Tampa and Florida Mortgage and/or Real Estate Organizations
| Category | Value |
|---|---|
| Homes With No Mortgage | 29% |
| With A Mortgage | 71% |
| First Mortgage Only | 55% |
| Second Mortgage or Home Equity Loan | 15% |
| Second Mortgage Only | 9% |
| Home Equity Loan Only | 6% |
| Category | Value |
|---|---|
| Owner Costs as % of Income | 19.3% |
| Median Real Estate Taxes (2000) | $855 |
| Category | Value |
|---|---|
| Total Occupied | 124,775 |
| 1-Person Households | 34% |
| 2-Person Households | 31% |
| 3-Person Households | 15% |
| 4-Person Households | 11% |
| 5-Person Households | 5% |
| 6-Person Households | 2% |
| 7+-Person Households | 1% |
| Category | Value |
|---|---|
| Median Year Built | 1966 |
| Median Year Built (Owner Occupied) | 1960 |
| Median Year Built (Renter Occupied) | 1973 |
| Category | Value |
|---|---|
| Using Utility Co. Gas Heat | 7% |
| Using Bottled/Tank Gas Heat | 2% |
| Using Electric Heat | 89% |
| Using Oil Heat | 2% |
| Using Coal | 0% |
| Using Wood Heating | 0% |
| Using Solar Heat | 0% |
| Other Heating | 0% |
| No Heating | 1% |
| Category | Value |
|---|---|
| No Bedrooms | 1% |
| 1 Bedroom | 6% |
| 2 Bedrooms | 28% |
| 3 Bedrooms | 48% |
| 4 Bedrooms | 13% |
| 5+ Bedrooms | 3% |
Rate quotes from multiple lenders for the Tampa area:
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