Tampa is Florida’s 3rd largest city located in the west central portion of the state near the Gulf of Mexico. The city is known for its museums, cultural attractions, and Busch Gardens. The city is home to a large number of immigrants, and it is home to some of the best food in Florida. The weather is gorgeous throughout the year, and the city boasts some amazing outdoor adventures. The nightlife is vibrant, and the people in Tampa love to drink beer. If you are moving to Tampa, you have many options to choose from when it comes to buying a home.
Demographics and Median Income of Tampa
The population of Tampa stands at 349,934. 74% of the people speak English, and 18% speak Spanish. The median age is 34.8. 63% of the people are white, and 25% are African American. 3% of the population is Asian, and 19.3% are Hispanic. The median household income is below the average income in Florida. The median household income sits at $44,432. The unemployment rate is 4.8%. The city is expected to experience job growth over the next decade. Tampa is a leader in the cigar industry.
Median Home Prices in Tampa
The cost of living in Tampa is just below the national average, and the cost of housing in the city is also just below the national average. The median home price in the city stands at $157,500.
Crime Rates in Tampa
The crime rate in Tampa is slightly above the national average; however, it keeps decreasing each year. There are just over 11,000 crimes reported each year in Tampa, and about 2,300 of those are considered violent. The city has neighborhood watch programs to combat crime.
Schools in Tampa
The average test scores in Tampa are 48%, which is below the national and state average. There are 161 public schools and 84 private schools. 37% of the citizens have a bachelor’s degree, and 82% have completed high school. One of the best schools in the city is Coleman Middle School. The city also has numerous colleges, including The University of Tampa, which can be researched at http://www.ut.edu/.
Mortgage Loan Options in Tampa
Numerous lenders are waiting to help you with a mortgage. Before applying for a loan, you need to know the choices available to you. Some of these options include:
- Conventional Mortgages: You can obtain this loan in a fixed rate or an adjustable rate. You might need a higher down payment amount and good credit score to qualify; however, it might be cheaper than other loans.
- FHA Mortgages: This is an ideal option for a first-time home buyer. They are insured by the Federal Housing Administration, and the credit requirements are more flexible. You can get a loan for as little as a 3.5% down payment.
- USDA Mortgages: This is a good opportunity for rural people to obtain 100% financing. No down payment is required.
- VA Mortgages: These loans are guaranteed by Veterans Affairs. This loan is offered to people who have served the country in the military. The loan provides 100% of the financing.
- Fixed-rate loans: These loans offer a consistent interest rate throughout the life of the loan. You will always know what your interest rate will be and what your monthly payment amount will be.
- Adjustable-rate loans: With this option, you will receive a low interest rate for an introductory period. The rate will then increase or decrease. If it increases, your monthly payment amount will be higher.
Tampa is home to numerous festivals throughout the year. It is an exciting city with sports teams, beaches, and many outdoor activities. The city has the perfect home awaiting you. If you are searching for a home, research your options, so you will know what to expect.