Fort Myers and Tampa are two of Florida’s most sought-after cities, each offering a unique blend of lifestyle, opportunities, and charm that compels you to buy a home and settle in. But as you contemplate your move, it’s crucial to weigh the pros and cons of each location to ensure you make an informed decision.
You may have heard that there are more affordable homes for sale in Fort Myers than in Tampa. Or, perhaps you’ve been told that Tampa’s job market is more robust. While these statements hold some truth, it’s important to dig deeper.
Before you contact a local real estate agent in Fort Myers or Tampa, let us first make a comparison between these two cities, touching upon the most important matters—from median home values to local laws and regulations.
This detailed comparison will help you determine which city is the better fit for your next home!
Median Home Values
Fort Myers
As of July 2024, the median listing home price in Fort Myers was $389,000. This price point makes the city an attractive option for homebuyers seeking affordability without sacrificing the quality of life.
The city’s real estate market has seen consistent interest, with homes typically staying on the market for around 90 days, which is an increase compared to previous months and last year. This indicates a less competitive market for buyers, so you have more time to weigh your options.
The relatively affordable median home price, coupled with the city’s desirable coastal location and growing amenities, makes Fort Myers an appealing choice for those looking to invest in Florida real estate.
Tampa
In Tampa, the median listing home price was $460,000 during the same month, reflecting a slight year-over-year decrease. This trend indicates a cooling market, also making the city a great location for buyers.
Compared to Fort Myers, homes in Tampa sell much faster, typically spending only 49 days on the market. This quicker turnaround time highlights the need for buyers to act faster.
Of course, the higher median home price compared to Fort Myers reflects Tampa’s status as a larger metropolitan area.
Average Rent
Fort Myers
As of August 2024, the average rent in Fort Myers, FL stands at $1,583 per month, with a range of rental options to fit different lifestyles and budgets.
The average apartment size in Fort Myers is 1,007 square feet, providing ample living space for individuals and families alike. However, this average can vary significantly depending on the type of rental unit.
For example, studio apartments, which are the smallest and most affordable, typically offer less space but are ideal for those seeking cost-effective living arrangements.
One-bedroom apartments are more in line with the city’s average rental price. They offer a good balance between space and cost.
But if you need more room, two-bedroom and three-bedroom apartments provide larger living areas, which are ideal if you have a big family or just desire extra space.
Tampa
In Tampa, the average rent during the same period is slightly higher at $1,597 per month, where you can expect to pay approximately $1,503 for a studio apartment, $1,597 for a one-bedroom unit, and $1,944 for a two-bedroom unit. And, if you’re looking for three-bedroom apartments, they typically cost $2,326 or more.
To comfortably afford the average rent in Tampa, you should make about $5,323 per month or $63,876 annually, based on the 30% rule (no more than 30 percent of your income should go toward housing costs). And, you should also consider other financial obligations, such as utilities, transportation, and groceries, when planning your budget.
Tampa’s rental market offers a variety of options, but you should be prepared for the higher costs associated with living in a bustling metropolitan area.
Median Income
Fort Myers
According to statistics by the US Census Bureau, the median household income in Fort Myers is $62,981. This figure is slightly lower than the state average of $69,303, reflecting the city’s more relaxed and less industrialized environment compared to larger urban centers.
The city’s income levels are influenced by its economic landscape, which is largely driven by tourism, healthcare, and retail industries. While these sectors offer steady employment, they may not provide the higher salaries seen in more corporate-dominated cities.
It’s important to note that individual salaries in Fort Myers will vary based on occupation, experience, and other personal factors, with some professions offering competitive wages that can significantly impact overall income.
Tampa
The median salary is slightly lower, at $54,288, with a wide range of incomes across different sectors. Approximately 80% of salaries in Tampa fall between $22,620 and $130,500, indicating a broad income spectrum.
The city’s economy is diverse, with significant contributions from finance, healthcare, and technology industries. This diversity can lead to substantial differences in earnings depending on the job market.
For example, corporate vice presidents have the highest median salary, earning around $120,000, while accountants have one of the lowest median salaries at $65,000.
Standard Cost of Living
Fort Myers
Fort Myers’s cost of living is approximately 6% higher than the national average. While it might seem steep, the higher cost reflects the city’s appeal as a desirable place to live and is justified by the exceptional quality of life it offers.
Fort Myers is known for its beautiful coastal scenery, warm climate, abundant outdoor recreational opportunities, well-maintained parks, and a vibrant cultural scene. So, if you enjoy an active, sun-soaked lifestyle, this is the place to be.
Additionally, Fort Myers has a strong sense of community, with numerous events and festivals that bring residents together, enhancing the social fabric of the area!
Tampa
The cost of living in Tampa is virtually on par with the national average, making it an affordable option for those looking to relocate to Florida.
Housing expenses are 3% lower than the national average, which is a significant advantage for homebuyers. Utility prices are also 3% lower than the national average, which helps keep monthly living expenses manageable.
As for the transportation costs, including bus fares and gas prices, they align also with the national average, which means that getting around won’t cost you more than in other cities across the U.S.
Social Amenities
Fort Myers
Fort Myers offers a rich array of social amenities that cater to a variety of interests, making it an ideal location for residents and visitors alike. The city seamlessly blends natural beauty with modern conveniences, ensuring there’s always something to do.
- Bowditch Point Park and Bunche Beach Preserve – These stunning beach locations provide perfect spots for sunbathing, swimming, and enjoying the pristine waters of the Gulf of Mexico. Bowditch Point Park is known for its tranquil atmosphere, while Bunche Beach Preserve is a favorite for nature lovers who appreciate the area’s diverse wildlife.
- Great Calusa Blueway Paddling Trail – This extensive 190-mile water trail offers an immersive experience for kayakers and paddleboarders, winding through mangroves, estuaries, and coastal waters. It’s a fantastic way to explore Southwest Florida’s natural beauty.
- Gulf Coast Town Center and Edison Mall – Fort Myers boasts excellent shopping opportunities, with these two large shopping centers offering a wide range of retail stores, dining options, and entertainment facilities.
- Sports Complexes – Sports enthusiasts can catch Major League Baseball spring training games right in Fort Myers. JetBlue Park and Hammond Stadium provide intimate settings for these events.
- Museums – The city is home to several fascinating museums, including the Edison and Ford Winter Estates, where visitors can explore the historic homes and gardens of two of America’s greatest inventors, and the IMAG History & Science Center, which offers interactive exhibits for all ages.
- Sanibel and Captiva Islands – These are ideal bases for island-hopping adventures in Fort Myers. These islands are renowned for their shell-filled beaches, wildlife refuges, and charming shops and restaurants.
Tampa
When it comes to social amenities, Tampa, of course, also doesn’t disappoint. Here’s a look at some of the top attractions that make the city stand out.
- Ybor City – Known as the “Cigar Capital of the World,” this district is Tampa’s historic Latin Quarter. It’s famous for its rich history, eclectic dining options, and vibrant nightlife.
- Clearwater Beach – A popular destination for both locals and tourists, this beach is known for its soft, white sand and vibrant atmosphere. It’s a hotspot during spring break and also serves as the headquarters for the Church of Scientology.
- Sports Arenas – Tampa is home to several professional sports teams, including the NFL’s Tampa Bay Buccaneers, the NHL’s Tampa Bay Lightning, and MLB’s Tampa Bay Rays. The city’s sports scene is a major draw for residents who enjoy attending live games and supporting their local teams.
- Cultural Institutions – Tampa offers a variety of cultural amenities, including the Tampa Museum of Art, which features a mix of classical and contemporary works, and the Straz Center for the Performing Arts, one of the largest performing arts complexes in the Southeast, hosting Broadway shows, concerts, and other performances.
Ease of Doing Business
Fort Myers
Fort Myers is one of the fastest-growing cities not only in Florida but the entire US. As the population expands, so do the opportunities for businesses to thrive. It positions the city as an attractive destination for entrepreneurs looking to tap into a vibrant and emerging market.
Also, according to News-Press, Fort Myers ranks as one of the best cities in the country to start a small business. This recognition is a testament to the city’s strong economic foundation and its commitment to supporting local businesses.
Tampa
Tampa stands out as a top choice for business innovation and development, thanks to its favorable tax structure and financial incentives, quality infrastructure, and various development incentives. The city has cultivated a robust economic environment that attracts both start-ups and established companies. Tampa’s strong labor force, fueled by a diverse and educated population, further enhances its appeal as a business hub.
For entrepreneurs and businesses looking to scale, Tampa provides the resources and environment necessary for success.
Local Laws and Regulations
Fort Myers
Fort Myers laws and regulations are designed to create a safe and thriving community. The city is known for its efficient enforcement of zoning laws, which helps maintain the aesthetic appeal and functionality of its neighborhoods.
Property regulations are clear and well-implemented, ensuring that development is orderly and beneficial to residents.
Tampa
Tampa similarly excels in implementing its local laws and regulations that benefit its residents. The city maintains a robust system for managing zoning and property regulations, contributing to well-planned urban development and residential satisfaction.
Tampa’s focus on public safety and orderly development is evident through its comprehensive regulatory framework, which ensures that both residential and commercial areas are well-regulated and conducive to community growth.
So, Which City Is Better for You?
Choosing between Fort Myers and Tampa depends on your preferences and priorities.
Both cities offer vibrant lifestyles and robust amenities, but Fort Myers stands out for its unique blend of affordability and charm. With its lower median home price and average rent compared to Tampa, Fort Myers provides a more budget-friendly option for homebuyers and renters alike.
While Tampa has its strengths, including a diverse cultural scene and extensive infrastructure, Fort Myers presents a compelling case for those seeking a more relaxed yet thriving community.
Even in a Fort Myers vs. Naples comparison, Fort Myers still offers more affordable real estate options while maintaining proximity to similar natural attractions and upscale amenities.
Ultimately, if you’re drawn to a blend of affordability and a welcoming atmosphere, Fort Myers is the ideal choice for you.
Find Your Dream Home in Fort Myers, FL Today!
Now, if you’re ready to make the move and find your ideal property in this beautiful city, don’t hesitate to reach out.
As a premier real estate agent specializing in Fort Myers, I can help you navigate the local market and discover the perfect home to fit your needs and lifestyle.
Your dream home in Fort Myers is just a call away. Contact us here at Tremmel Realty Group, and let’s get your homeownership journey started!
