Whether your lease is up on your current place or you are thinking of moving to Tampa, one common question I get asked is if it is better to rent or buy a home.
Purchasing a home is a great investment. It can allow you to build equity, and surprisingly, it can actually be cheaper than renting a home.
If you find that hard to believe, you need to check out this study that Realtor.com did recently.
They looked into the monthly costs of renting a home versus the monthly costs of owning a home. They compared these costs for the median listing price and the median rental price for two- to four-bedroom units in the area.
They ranked ten markets that favored buying over renting—and the Tampa-St. Petersburg-Clearwater area ranked number eight. According to their findings, buyers in the area may pay just under $1,500 a month on average to own their own. On the other hand, renters will have to shell out just over $1,600 a month to rent—and they will not earn equity or get that money back. Instead, they are just paying their landlord’s mortgages for them.
Here is another surprise they found: while home prices have reason during the pandemic, the monthly costs of homeownership have not. This is likely to do low mortgage rates, making it even more apparent that right now is the time to buy a home!
If you are ready to make that leap into homeownership, let’s talk. I would love to get you set up in a new home that will help you safeguard your future.