Happy Wednesday!

Take a look at Tampa Bay's latest news for this week.

The latest data reveals Americans' top priorities when relocating, with affordability and safety leading the list. We're looking at where Tampa ranks.

Meanwhile, Florida's tourism industry sets new records, driven by domestic travelers, as the state works to regain its pre-pandemic international visitor numbers.

Tampa Bay's housing market continues to stay hot, with the share of million-dollar homes reaching new heights.

—Sean

📍 From Tampa to D.C.: The Best & Worst Places to Live in the U.S.

Driving the news: Affordability has emerged as the number one priority for Americans considering a move, according to a recent survey by Clever Real Estate.

The survey, which polled 1,000 Americans, revealed that housing affordability is a more significant factor than safety, cost of living, or proximity to family and friends.

Details: Among those surveyed, 84% said they could be convinced to leave their current city or state, with rising crime cited as the primary reason. The survey also highlighted the best and worst places to live in the U.S., offering insights into where Americans would prefer to relocate if given the chance.

• Most desirable cities: Tampa, FL, topped the list of desirable cities, followed by Charlotte, NC, and Virginia Beach, VA.

  The top choices reflect priorities like low crime rates, affordable living costs, good weather, and a variety of amenities.

• Least desirable cities: On the flip side, Washington, D.C., was ranked the least desirable city for the second year in a row, with concerns about crime, high living costs, and political drama.

• Other cities like New York, San Francisco, and Chicago were also deemed undesirable by many respondents.

Why it matters: The survey underscores the growing importance of affordability in the minds of Americans. With many unable to afford a move to their "dream destination," the focus has shifted to finding locations that balance cost and quality of life.

What’s next: As Americans continue to weigh their options, affordability will likely remain a key driver in relocation decisions, influencing not just where people move but also where they choose to stay.

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🏖️ Florida Gets Second-Quarter Tourism Boost

Driving the news: Florida’s tourism industry experienced a significant boost in the second quarter of 2024, welcoming an estimated 34.2 million visitors from April through June.

This marks a 1.64% increase compared to the same period in 2023 and the highest second-quarter tourism numbers in Florida's history.

Details: Domestic travelers were the primary contributors, accounting for 92% of the visitors. The number of domestic tourists, estimated at 31.5 million, increased by 1.8% from the previous year and is 8.7% higher than in 2019, before the pandemic impacted travel.

Florida saw 2 million overseas travelers and 739,000 Canadian visitors during the second quarter of 2024. While these numbers show a slight improvement from 2023, they still fall short of pre-pandemic levels.

In 2019, the state welcomed 2.44 million overseas travelers and 848,000 Canadians during the same period.

Why it matters: Florida’s tourism sector is a critical component of the state’s economy. The steady increase in domestic tourism and the gradual recovery of international travel highlight the resilience of the industry.

Between the lines: The Florida government is investing heavily in tourism marketing to sustain this momentum. Lawmakers allocated $80 million to Visit Florida, the state’s tourism-marketing agency, for the current fiscal year.

An additional $1 million is earmarked for an in-state tourism marketing campaign by the Florida Restaurant and Lodging Association.

What’s next: Visit Florida will continue leveraging its strengths to attract travelers from across the globe.

The agency's efforts aim to ensure that Florida remains a top destination worldwide, with a focus on further increasing the return on investment in tourism marketing, which was reported at $3.30 for every $1 spent in a recent study.

The bottom line: Florida’s tourism numbers are rising, with record-breaking domestic travel driving growth.

As the state works to recapture its international market, continued investment in marketing and tourism infrastructure will be key to maintaining and expanding this momentum.

💰 Share of Million-Dollar Homes in Tampa Bay Continues to Rise

Driving the news: A recent report from Redfin reveals a significant increase in the share of million-dollar homes in Tampa Bay, reflecting a broader national trend.

As of now, 8.5% of homes across the U.S. are valued at $1 million or more, the highest proportion ever recorded.

Details: In Tampa Bay, the share of homes worth $1 million or more has risen from 4.8% to 5.10% year-over-year.

This growth places the area among the top Florida metros with the highest percentage of million-dollar properties, following West Palm Beach (14.8%) and Miami (14.2%).

Why it matters: The surge in home values highlights the affordability challenges facing potential buyers. As Redfin Premier Agent Julie Zubiate notes, rising home prices, coupled with increased insurance and mortgage rates, are pricing many buyers out of the market or making them hesitant to commit to high monthly payments.

The big picture: Despite a slight easing in price growth since the beginning of 2024, the continuous year-over-year rise in home prices has pushed many properties into the million-dollar bracket.

However, buyers have recently experienced a slight reprieve, as declining mortgage rates have increased their purchasing power.

Between the lines: Not all metro areas are experiencing this trend. Notably, Austin, Indianapolis, and Houston were the only major metros where the share of million-dollar homes declined, indicating some regional variations in the market.

What’s next: As home values continue to climb, the share of million-dollar properties is likely to grow further, particularly in high-demand markets like Tampa Bay.

Buyers and sellers alike will need to navigate these changes carefully, considering the implications for affordability and investment potential.

The bottom line: With prices at record highs and more homes crossing the million-dollar threshold, both buyers and sellers face a challenging landscape that requires strategic decision-making.

📊 Our Current Local Market Data:

The Tampa and Pasco markets are still hot as fall approaches.

I am happy to help you create a real estate strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Guide to Tampa Bay Comic Convention: actors in town, what to bring, when to go
  

• How will parking work at the new Tampa Bay Rays stadium?

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team

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