Real Estate Trends and Tips… Sobering Statistics for Tampa Bay
Tampa Bay, according to an article published by the Tampa Bay Times (9.18.2014), ranks last in income among the country’s 25 biggest metro area. Miami ranks 2nd last.
Although jobs have been added in the past five years, they are lower paying ones primarily in hospitality/leisure and in retail trade. And, despite a sizable drop in unemployment, working families across Tampa Bay are still being squeezed. It isn’t a pretty picture.
“You’re not seeing a full recovery because the wage growth isn’t there,” said Scott Brown, chief economist for Raymond James Financial in St. Petersburg. A widening income gap pushing down many in the middle class means “people are running in place just to stay where they are in their standard of living,” he said.
Key reasons for the area’s fiscal stagnation include the housing collapse and subsequent mixed recovery – prices of high-end homes have risen much stronger than those of modest homes. Before the recession, many families counted on their home as not only their biggest asset but a retirement nest egg – not the case anymore.
Would you like to weigh in on this post? What has been your experience in the job and housing market? Your opinion is important. You can reach me at 727-686-2859, email Estelia@kw.com or post a comment.