Why fewer people are moving to Tampa Bay

By the numbers: Only about 10,000 people moved to Tampa in 2024, down from almost 35,000 in 2023. That's a drop of over 24,000.

• Three other Florida cities — Miami, Orlando and Fort Lauderdale — were among the top 10 metro areas where net domestic migration tanked the most in 2024.

Between the lines: Analysts at Redfin cited several reasons that fewer people moved to the region.

• People once saw Tampa Bay as a cheaper alternative to places like New York City and San Francisco, but that gap has narrowed.
• Hurricanes, skyrocketing insurance premiums and steep HOA fees have made out-of-staters think twice about the Sunshine State.
• More companies now require employees to go into the office, which means fewer people can relocate, and some who moved during the pandemic have had to leave.

What they're saying: "People used to move to Florida partly because they could get a deal. Now, people can't afford to move here," said Bryan Carnaggio, a Redfin Premier agent in Florida.

• "The first questions from out-of-staters are, 'How bad are the hurricanes? How high are insurance rates?'"