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Renting No Longer Cost-Efficient, New Report Says

are you losing money by renting - tampa bay homes for sale

If you think you are saving money by renting, you may want to take a closer look at the numbers.

According to the annual Rental Affordability Analysis, 2016 is going to be a difficult year for renters to justify renewing their leases. While it used to be substantially cheaper to rent than buy a home, the new study indicates that this is no longer true for 58 percent of all housing markets in the nation, including Tampa Bay.

By analyzing housing data from the U.S. Department of Housing and Urban Development and wage data from the Bureau of Labor Statistics, the study finds that a renter needs to spend 37 percent of their yearly salary to afford a three-bedroom apartment when they could be making monthly payments on a house for 38 percent of their income.

In other words, for only 1 percent more of their income, the average person could be making mortgage payments instead of merely paying rent. Overall, the study predicts monthly rent will increase an average of 3.5 percent compared to last year.

The Tampa Bay housing market is one of the many areas currently feeling the effects of low interest rates and affordable properties for sale. As of December of 2015, a Tampa Bay house facing foreclosure sold for an average of 40 percent less than a “non-distressed” home, which translated into about $90,000 in savings per home. Nobody can be sure how long this trend will last, so now may be the best time to pick a property for much less than the national average.

Are You Looking for a Home in Tampa Bay?

If you’re thinking about buying a home in Tampa Bay, check out our:

  • Hillsborough County real estate listings
  • Pasco County real estate listings
  • Pinellas County real estate listings

When you’re ready, call us at 727-584-8480 or 813-961-6000. You can also contact us online to learn about how you can save money by buying a home.

4231 Sheldon Place $1,100

4231 Sheldon Place New Port Richey, Florida

1 Beds 1 Baths 624 SqFt 7.900 Acres

3406 Dragon View Court $1,900

3406 Dragon View Court Valrico, Florida

3 Beds 3 Baths 1,408 SqFt 0.030 Acres

13448 Crest Lake Drive $2,000

13448 Crest Lake Drive Hudson, Florida

3 Beds 2 Baths 1,517 SqFt 0.100 Acres

1746 Hovenweep Road $2,200

1746 Hovenweep Road Wesley Chapel, Florida

3 Beds 3 Baths 1,674 SqFt 0.040 Acres

777 N Ashley Drive 1112 $2,450

777 N Ashley Drive 1112 Tampa, Florida

1 Beds 1 Baths 838 SqFt

12015 Deacons Croft Lane $2,500

12015 Deacons Croft Lane Tampa, Florida

3 Beds 3 Baths 1,475 SqFt 0.060 Acres

14827 Dade Street $39,900

14827 Dade Street Dade City, Florida

14,400 SqFt 0.330 Acres

4243 Birdsong Boulevard 445 $84,900

4243 Birdsong Boulevard 445 Lutz, Florida

1,120 SqFt 0.030 Acres

4243 Birdsong Boulevard 438 $84,900

4243 Birdsong Boulevard 438 Lutz, Florida

1,120 SqFt 0.030 Acres

1100 S Belcher Road 136 $129,900

1100 S Belcher Road 136 Largo, Florida

2 Beds 2 Baths 720 SqFt

8693 Bardmoor Boulevard 205B $129,900

8693 Bardmoor Boulevard 205B Seminole, Florida

1 Beds 1 Baths 752 SqFt 2 Acres

$150,000

Dade City, Florida

108,900 SqFt 2.500 Acres

1100 Belcher Road S 608 $154,900

1100 Belcher Road S 608 Largo, Florida

2 Beds 2 Baths 960 SqFt

8179 Modena Avenue $154,900

8179 Modena Avenue Brooksville, Florida

2 Beds 2 Baths 989 SqFt 0.140 Acres

1100 Belcher Road S 203 $164,900

1100 Belcher Road S 203 Largo, Florida

2 Beds 2 Baths 1,104 SqFt

Posted in: Blog, Financing, First-Time Buyers, Renting

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RE/MAX ACR ELITE GROUP, INC. Hillsborough

13907 N. Dale Mabry Hwy., Ste. 101
Tampa, FL 33618
Office (813) 961-6000
Fax (813) 961-6016

RE/MAX ACR ELITE GROUP, INC. Pinellas

1465 S. Ft. Harrison Ave, Ste. 100
Clearwater, FL 33756
Office (727) 584-8480
Fax (727) 586-6789


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