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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.

7116 Waterside Drive $1,250

7116 Waterside Drive Tampa, Florida

1 Beds 1 Baths 504 SqFt 0.010 Acres

5134 Carey Road $2,300

5134 Carey Road Tampa, Florida

3 Beds 2 Baths 1,446 SqFt 0.160 Acres

34310 Redwood Dawn Lane $2,300

34310 Redwood Dawn Lane Wesley Chapel, Florida

3 Beds 3 Baths 1,673 SqFt

1881 Hovenweep Road $2,600

1881 Hovenweep Road Wesley Chapel, Florida

3 Beds 3 Baths 1,673 SqFt 0.040 Acres

3805 W Barcelona Street $2,800

3805 W Barcelona Street Tampa, Florida

3 Beds 2 Baths 1,282 SqFt 0.110 Acres

16334 Frehley Run $4,600

16334 Frehley Run Land O Lakes, Florida

4 Beds 3 Baths 2,846 SqFt 0.170 Acres

10349 State Road 52 $9,600

10349 State Road 52 Hudson, Florida

7,764 SqFt 0.460 Acres

34236 N Us Highway 19 $100,000

34236 N Us Highway 19 Palm Harbor, Florida

2,000 SqFt

2466 Ecuadorian Way 68 $119,900

2466 Ecuadorian Way 68 Clearwater, Florida

2 Beds 1 Baths 800 SqFt 3 Acres

1100 Belcher Road S 511 $137,500

1100 Belcher Road S 511 Largo, Florida

2 Beds 2 Baths 1,072 SqFt

5286 81St Street N 7 $137,900

5286 81St Street N 7 St Petersburg, Florida

2 Beds 1 Baths 1,040 SqFt 0.840 Acres

2371 Israeli Drive 5 $139,900

2371 Israeli Drive 5 Clearwater, Florida

1 Beds 1 Baths 800 SqFt 2 Acres

1100 Belcher Road S 25 $145,000

1100 Belcher Road S 25 Largo, Florida

2 Beds 2 Baths 888 SqFt

5530 80Th Street N C208 $149,900

5530 80Th Street N C208 St Petersburg, Florida

2 Beds 2 Baths 1,150 SqFt 4.040 Acres

2371 Israeli Drive 7 $159,900

2371 Israeli Drive 7 Clearwater, Florida

2 Beds 1 Baths 800 SqFt 6 Acres

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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