Tuesday, January 23, 2018
Business

Tampa is the second best city in the nation to invest in real estate, study finds

It has a hot, muggy climate, dangerous mosquitoes and a never-ending string of bizarre-o happenings.

Still, Florida remains one of the nation's best places to invest in real estate, and Tampa is one of the best cities to invest in.

That's according to GoBankingRates, which ranks Tampa second among the top 15 U.S. cities in which to own investment property. Orlando is first, Miami 10th and Jacksonville 13th, making Florida the only state with four cities on the list.

"Growing populations in the top cities on our list are fueling the need for more housing,'' said Cameron Huddleston, life and money columnist for GoBankingRates, an online site that compares lenders' interest rates. "That's why these cities are such great places to own investment property now.''

Related: Tampa Bay now ranks third in the nation in house flipping

In late 2014, Florida surpassed New York to become the nation's third largest state after California and Texas. Florida's population, now more than 20 million, continues to grow by almost 1,000 people a day.

Of the 15 best cities for real estate investment, two are in Texas — No. 5 Austin and No. 7 Dallas. California, with its sky-high prices, didn't have a single city that made the list.

Previous coverage: When it comes to home prices Tampa Bay cities are a bargain, study finds

The worst place to own investment property? Anchorage, Alaska. Among the 100 most populous U.S. cities surveyed by GoBankingRates, Pittsburgh, Chicago, Virginia Beach, Cleveland and Honolulu also ranked low.

One reason Tampa — indeed, the entire Tampa Bay area — has been so attractive to real estate investors has been the huge number of cheap foreclosed homes. But as the economy continues to improve, the supply of bank-owned properties for sale is shrinking and the prices are skyrocketing.

Previous coverage: Prices of bank-owned homes in Tampa Bay soar as foreclosure plunge

Contact Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate

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