It is better to buy a home in Tampa than it is to rent in 2018, according to a recent report. Factors positively affecting the housing market include the supply of affordable homes, job growth, and the continued rise in monthly rents.
Why It’s Better To Buy a Home in Tampa
According to a report from Sarah Strochak at The Urban Institute, Miami has the single largest negative rent gap in the country with a whopping 11 percent.
A “rent gap” is created when a borrower would save more of their income if they were to own their home versus renting it.
In Tampa, the rent gap is 5%, So for a household with a total income of $75,000, it costs $3,750 more per year to rent than to own a home. In fact, according to a Market Watch article from Josh Smith, “For roughly 90% of Tampa communities, renting is more expensive than buying.”
Fortunately, programs to help homebuyers purchase a home make it easier for them to save money through home ownership. Many homebuyers qualify for a zero down payment mortgage, especially veterans. And other homebuyers will qualify for a low down payment mortgage that might be as low as 1%.
How Much Can You Afford to Pay for a Home?
Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of Floridians, and people moving to the Sunshine State.
We offer our clients rigorous mortgage pre-approvals, low interest rates, and fast closings. We specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing, and help clients with HARP refinancing to lower their monthly mortgage payments.