Tampa Bay rent is becoming more expensive with each passing month. In some parts of the Tampa Bay Area, rent can be more costly than a monthly mortgage, with no equity to show in return. If you are a renter, why would you keep paying for something that you don’t own, with less space and no yard?
The Numbers
Now is clearly a better time to own than rent. The historical cost of a percentage of income to afford median rent has been less than 26% now the percentage of income needed to afford median rent is more than 27%, and signs show it will keep climbing. Conversely, the percentage of income necessary to a median mortgage payment is historically over 21%, but now it has dropped to a surprising 17.5%.
With these two diametrically opposed rate directions, why would anyone continue to rent an apartment, townhouse, or house rather than own their own home? You may have been under the impression that buying a home was out of your reach, but with the cost of renting at a higher rate than owning a home, it behooves a renter to consider changing into a homeowner. These rates may continue to move in opposite directions, or the market could suddenly change, that is why if you want to own a home now is the time.
Find Out If You Qualify
Before you decide to renew your lease, find out if you qualify for a home loan. If you have money in savings, you don’t have a high amount of debt, and have a steady income there is an excellent chance you will qualify for a loan.
If you are a renter in the greater Tampa Bay Area and want to stop wasting money on rent and to own a home, call me at 813-915-6649 or send me an email. I will be happy to help you through the loan process and move from renter to homeowner.
