Nestled on the sunny shores of the West coast of Florida, Tampa Bay is a sprawling metropolitan area that boasts a healthy economy, pristine Florida location, and booming real estate market. We already know you’re dying to move to this exciting city, but one big question remains - Is it cheaper to rent or buy a home in Tampa?
The quick answer is buy, buy, buy. But, why?
In this article, we are going to show you all of the reasons why it’s more affordable to buy a new home for sale in Tampa Bay rather than to rent. In order to better understand this, let’s first explore the current state of the housing market in Tampa.
There are several reasons for the massive interest in Tampa Bay homes, including:
And, when it comes to home sales in Florida, Tampa homes are some of the most reasonably-priced properties on the market!
More Affordable Homes Compared to Other Florida Coastal Cities
Compared to coastal Florida cities like Miami, Tampa’s homes are far more affordable. In fact, according to Redfin’s 2021 Housing Market Predictions, Tampa homes cost 24% less than Miami homes. For cost-effective living, many people choose to move to Tampa over other large Florida cities.
And that’s not all!
Major Job Growth in Tampa
This, in turn, has also created a boom in business growth in the Tampa Bay area. A resounding 42.7% future economic growth is predicted in Tampa over the next decade. And with more readily available jobs comes more real-estate investment opportunity.
According to statistics provided by Realtor.com which analyzed the cost of 2 to 4 bedroom rental units and compared to home listings in the same area with an average of 3 bedrooms, Tampa renters pay an average of $1,605 per month, while owning a median-priced home in Tampa Bay runs $1,494, equating to savings of over $100 per month for homeowners.
Due to the favorable mortgage rates offered in 2021, homeownership remains the most affordable option, even while listing prices rise. With great financing options available, affordable new homes, a booming business hub, and Florida’s gorgeous year-round summers, it’s no wonder everyone wants to buy new homes for sale in Tampa Bay.
Where there is high demand, there is always money to be made. As more people relocate to Tampa Bay, you should expect and be prepared to pay a pretty penny for rent.
Where to Find New Homes For Sale In Tampa Bay
One of the challenging side effects of a population influx and high demand for housing is increased competition to buy a home. There is a limited amount of housing inventory listed for sale in Tampa and often multiple buyers making offers to compete for the same home and driving up the price.
A great way to beat the competition and find your dream home is to buy a new home! While homebuilders are dealing with the same demand and you may have a short wait on a priority list before securing your dream home, you won't have to deal with the stress of looking at houses every weekend only to be outbid by another buyer. And, you'll appreciate many benefits such as selecting your ideal home layout and design options (no renovations!), lower maintenance costs when compared to an older home, and protections for your health, safety, and investment.
Now that you know how much you can save as well as a few benefits of buying new, are you ready to become a homeowner in beautiful Tampa? With our team of experienced New Home Specialists on your side, Highland Homes is here to help you find your perfect new home in Tampa, Lakeland, or East Polk County, Florida. Call or email us to learn more about available homes and find your dream home in Tampa Bay today!
Location, home designs, features and prices are subject to change without notice. We are pledged to the letter and spirit of the U.S. policy for the achievment of equal housing opportunity throughout the Nation. We encourage and support an affirmative marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.