If you’re looking into relocating in the Sunshine State, why not go a step further and move in Sunshine City. Also known as St. Pete or The Burg - depends whether you’re talking to seniors or millennials - St. Petersburg is a gulf coast city in Florida that is only 30 minutes away from Tampa. While many people compare St. Petersburg with Tampa, there are too many differences to get into it here.. Best known for its world record breaking weather and some of the best beaches in the whole world, St. Petersburg FL manages to retain that small-town feel even if it’s the best destination for those snowbirds that come seeking sunshine in the middle of Winter.
Thinking of living close to the beach, or maybe even getting a waterfront property, St. Petersburg is very affordable for what it can offer. As in the majority of cities from the U.S., however, the affordability of living depends on a number of factors. In St. Petersburg, FL, like in most cities, the biggest factor that influences the cost of living is the housing market. The real estate market has changed into a buyers market and the real estate trends will tell us how that will impact the housing market in St. Petersburg.
Real estate prices in St. Petersburg are below the national average by 18.8% if we look at real estate in general. Waterfront properties are much cheaper here than in other areas. The median house price in St. Petersburg is $228,000 with an increase of 6.1% from 2019 and an estimated further increase of 6.1% for 2021. Here, you can find waterfront properties with their own docks at around $600,000 so it’s definitely worth a watch if you’re dreaming of docking your yacht or even a more humble boat right in your backyard. If you’re looking at rentals, a median rent price is around $1,500. These prices, however, do vary depending on the location you choose, as in the outskirts you can even find lovely waterfront properties for $180,000 near the Little Bayou in Coquina Key. It really depends on what you want and what your budget is. The local real estate agents in St. Petersburg FL can help you find the best deal in the Sunshine City.
The cost of living in St. Petersburg, FL is 0.5% less expensive than the national average with health care being the biggest difference between the two by 20% cheaper than the national average. In 2018 St. Petersburg was considered the second most affordable city in Florida, only beaten by Jacksonville. In regards to the cost of transportation and food, St Petersburg is more affordable than the national average by around 10% each.
All these factors would make it a clear winner when it comes to the cost of living and it can be a good place to live, however, the difference overall is only 0.5%. The reason for that, unfortunately, is the income in St. Petersburg. With a median household income of $58,057, St. Petersburg has a lower median income than the national median of $55,134. The data is from the year 2017 when there was an income increase of 5.3% from the previous year.
Millennials are coming here and for them, it’s affordable. They also bring their artistry which transformed St. Petersburg into a city of museums that will seem surreal.