A recent report from Renofi projects the average home price for both U.S. states and major cities over the next 10 years, and has Florida and Tampa outpacing much of the U.S.
Tampa’s average home value is expected to rise to $509,036 by 2030 compared to an average of $266,000 in 2020. That $509,000 mark is the 22nd highest home value among the most populous cities in the U.S.
Within Florida, Tampa’s value is expected to be the second highest by 2030 behind only Miami at $658,904, the 15th highest value overall. Jacksonville is expected to have the 35th highest value; Orlando was not ranked.
Across the board, California cities are expected to lead the nation in home value. Of the top 10 cities for projected 2030 home value, California had six.
Florida is also expected to see major home value growth over the next year, according to the report. On average, a home in the Sunshine State is expected to cost $492,137, the 11th-highest value among U.S. states. California is expected to have the highest home values for any state, with Hawaii and Washington close behind.
To calculate the increase, Renofi looked at the average price of a home in each state and the 50 most populous cities in the U.S. To project out 10 years, it looked at values for September 2010 and September 2020. That rate of change was then used to calculate the 2030 values.
For Florida, prices have increased by 69.74 percent since 2010, from $152,000 to $258,000, according to the report. The average U.S. home value rose by 48.55 percent over the same span, for comparison.
The full report can be found here.