No one could have imagined back in 2019 the way our world would change due to the COVID-19 pandemic. One of the most unexpected changes is the great American migration away from crowded, expensive metros to enjoy life in more laid-back, coastal areas. The effects of the COVID-19 pandemic created the perfect combination of job flexibility, low-interest rates, and buyer confidence that has led thousands of Americans to uproot their lives and head for sunnier skies.
More people moved to Florida than any other state in 2020. In fact, out of the top 10 areas sought out by relocating homebuyers in the United States, Florida takes up half the list, with Tampa-St. Petersburg-Clearwater metro claiming the fifth spot.
So, why exactly do over 100 people move to Tampa every single day?
People are migrating in droves away from colder climates in favor of the warm weather here in Tampa. Our subtropical climate, plentiful sunshine, and lack of freezing temperatures offer opportunities for outdoor living and activities that you can’t enjoy anywhere else.
When compared with the high cost of living in places like NYC or New Jersey, Florida offers affordable options with:
- Lower cost per square foot
- Lower property taxes
- No state income tax
- Generous homebuyer assistance programs
Job location flexibility
The COVID-19 pandemic forced employers to allow remote work and telecommuting on a scale that couldn’t have been imagined just a year earlier. For the first time, people could find a home in a location they love versus a home that’s close to their work. Naturally, a place many people seem to love is right here in beautiful Tampa. Many employers still have no plan to return employees to the office, and some may never return, making it possible for people to work wherever they want.
Another benefit the COVID-19 pandemic brought to homebuyers was insanely low mortgage interest rates. The dropping rates in 2020 were not seen since the housing bubble of 2008, and mortgage interest rates still remain low today in 2021. This allowed many people who felt that a mortgage for their dream home was out of reach to take the plunge and apply while it was possible to lock in those low 30-year fixed rates. Mortgage applications continue to surge despite current fears regarding COVID-19.
Saving for the future
COVID-19 has left many people feeling that the future is more uncertain than ever. People are leaving areas where a mortgage or rent payments are eating away at their potential retirement savings and opting for the lower housing costs in the southern United States. The money many people are saving by moving is going into savings accounts, IRAs, investment accounts, and purchasing their own investment real estate. Homeowners from New York, Chicago, Los Angeles, and other metropolises are often surprised to find that for the same amount of money that would barely buy a studio apartment back home, they can have a luxurious, spacious, coastal home here in Tampa Bay, plus extra cash for their savings. It’s a win-win for homebuyers both now and in the future.
No matter what your reason is for moving to the Tampa area, trust the team at 360 Realty to help you find the best home for your lifestyle and budget. As part of our relocation program, you can choose from existing homes or opt for new construction, complete with custom design services. We also assist businesses moving with our commercial relocation services. Call (813) 938-6593 or contact us online to schedule a time to speak about your relocation needs.