Tampa homebuyers and Realtors alike are financially affected by the health of the overall real estate market. So homeowners, as well as real estate professionals, should take notice to the news that GObankingrates.com ranked Tampa the 2nd best city in the U.S. to own investment property in 2016.
In September of 2016, GOBankingRates.com released its ranking for the best and worst cities to own investment property.
Four main factors were considered by GOBankingRates.com when evaluating 61 of the 100 most populous cities in the U.S.
- Employment growth: Year-over-year percent change in the number of employed people.
- Population growth: Year-over-year percent change in the population.
- Increase in home values: Year-over-year percent change in the median home value.
- Years to pay off investment property: Number of years it would take for rental income to pay off the median home value.
Tampa’s Survey Results
Here are Tampa’s survey results whereby it earned the #2 ranking among the best U.S. cities to own investment property.
- Employment growth:5%
- Population growth:51%
- Increase in home values:6%
- Years to pay off investment property:9.66
GOBankingRates.com Comments on Tampa
In its comments about Tampa, GOBankingRates.com mentioned that Tampa has one of the hottest real estate markets in the U.S. today.
Survey comments also mentioned Tampa’s population growth by 2.51% from 2014 to 2015, and its employment growth rate of 3.5%. Tampa home values were of particular interest, increasing 11.6% since last year.
Of special interest, the GOBankingRates.com survey mentioned that Tampa’s median home value compared to its median rent of $1,400 per month, shows it would take fewer years to pay off owning the property from tenants’ rent.
As a result of these factors, Tampa earned the #2 spot among best cities in the U.S. to own investment property.
The survey by GOBankingRates.com is just one more example of why buying a home in Tampa, and all of Tampa Bay in general, is a good investment.
Whether you are a homeowner or a real estate investor, a house in one of the most important investments you will ever make. If, therefore, you have a choice about where to buy a home, purchasing one in a community that will result in higher financial returns will help your investment grow.
Getting a mortgage in Tampa is easy when using an experienced mortgage broker to help you though the process.
It takes just a few minutes over the phone to be pre-qualified for a mortgage in Tampa, and then you can begin working with a Realtor as a qualified buyer. While you look for a home, your mortgage broker will walk you through the longer process of being pre-approved for a mortgage.
Once you are pre-approved, the lender will request a few more things, which your mortgage broker will help you accomplish. Then you’ll receive a “clear to close,” and the lender will send the paperwork for closing to the title company/closing agent.
Marimark Mortgage is a mortgage broker based in Tampa, serving the mortgage needs of homeowners and investors in all of Florida, Virginia, and Pennsylvania.
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.