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%.
Related: Down Payment is #1 Obstacle for Homebuyers
How Much Can You Afford to Pay for a Home?
Marimark Mortgage
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 to lower their monthly mortgage payments.
To get started with a mortgage to buy your next home, or to refinance your existing home, please fill out our Quick Mortgage Application, or contact us direct.
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We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.
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