As the third largest community in the state, the Tampa housing market, has seen a more significant increase as of recently. Home values have seen an increase of 5.3% in the past year and the number is expected to increase another 2.1% in the following year. Median home values in Tampa stand at $141,800 and the median rent is $1,285. According to a Buy vs. Rent study conducted by Trulia FL, it is 43% cheaper to buy a home rather than rent one in Tampa Bay (assuming the buyer puts 3.5% down and will stay in the home for 7 years). Delinquent mortgages in Tampa are 10.5% and homeowners underwater on their mortgage come in at 22.2%. Median list price is $199,000 and median sale price is about the same, meaning that homes are being bought up for the asking price. There does seem to be a shortage of homes for sale and a surplus of apartments for rent. For those looking to purchase a home in Tampa, the search may be a little more extensive than past markets in the area as supply is down and demand continues to rise.The Florida housing market has had its ups and downs in the past. Find out if 2015 is the year to invest in the Sunshine State’s real estate market or wait.
Source: www.housingpredictor.com
Tampa has seen a more significant improvement as home values have seen an increase of 5.3% in the past year and the number is expected to increase another 2.1% in the following year.
Median home values in Tampa stand at $141,800 and the median rent is $1,285. It is 43% cheaper to buy a home rather than rent one in Tampa Bay (assuming the buyer puts 3.5% down and will stay in the home for 7 years) so is the catalyst for the home ownership rate to stop its decline to near record lows?