You’re thinking of moving, but is renting or buying the right decision? It’s a tough one for many Millennials and potential first-time home buyers to make. Fortunately, the real estate experts at Trulia have compiled information to compare your financial options and help make that decision easier.
Using the Census’ 2014 American Community Survey and their own consumer poll, Trulia found that young households, headed up by those ages 25-34, tend to move every five years and can only afford up to 10% for a down payment. These are different assumptions than typically used in Buy vs. Rent comparisons, so they decided to find out just how this affects young home buyers.
And, for those thinking about buying a home, the news is good. In all but two metro areas across the country, buying is still cheaper than renting. Here in Florida, the news is even better - three of the top 10 cities in the US where buying a home is much more affordable than renting are in Florida.
Tampa, where we build new homes, was ranked No. 7 in the nation for buying versus renting affordability. Here, the median home price is $151,974 while the median monthly rent is $1,300, making it a whopping 42 percent cheaper to own a home than to rent!
Tampa has an excellent job market and favorable cost of living for Millennials. Not only that, Tampa is synonymous with fun — this city offers everything from water sports and outdoor activities to craft beer and amusement parks such as Busch Gardens. You can also find amazing shopping and dining in the area, including the newly opened Tampa Premium Outlets which include a variety of high-end stores like Michael Kors, Calvin Klein, J. Crew and more.
With the housing affordability, great job market and variety of activities, Tampa is a great place to own a home. Recently, we introduced a new townhome community in Wesley Chapel near some of Tampa Bay’s best shopping, dining and entertainment destinations. Imagine owning a low-maintenance townhome in a gated community where you can spend summer afternoons lounging by the community pool - all for less than the cost of renting!
Santa Fe at Westbrooke offers new townhomes designed for your life with features which make every day living a breeze. These townhomes are priced from the $140’s and feature three or four bedrooms, modern open living areas, designer kitchens, covered lanais for outdoor living enjoyment and an abundance of move-in ready and designer features.
Nearby, you’ll find grocery stores and shopping and dining at the Tampa Premium Outlets, The Grove, Shops at Wiregrass and Cypress Creek Town Center. In addition, you are just one mile from Interstate 75 and an easy commute to downtown Tampa where you can catch a game or concert at Amalie Arena or even see Broadway’s latest hit at the Straz Center.
So, if you’ve been looking for a Tampa new home, you can take comfort in knowing that you’re getting the best bang for your buck when you choose to buy in Tampa instead of rent. For more information about Santa Fe at Westbrooke and all of our Tampa communities, contact our Wesley Chapel New Home Specialists at 813-395-8977 or visit www.highlandhomes.org.
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