Renting Vs. Buying a Home in Tampa Florida
People in Tampa, FL can access all the amenities of a large metropolitan area while enjoying a laid-back beach lifestyle. Living in Tampa makes you feel like you are on an extended vacation all through the year. Along with a thriving community and numerous recreation options, Tampa is one of the best places to live in Florida. Along with a great quality of living, the cost of living in Tampa is also lower than the national average, another reason why people choose this city when it comes to settling in Florida.
When talking about settling in Tampa, FL, you will be faced with one major question – whether buy or rent a house. Deciding between buying and renting is often very difficult, since both have their own set of pros and cons. Moreover, opinions differ significantly – some people would prefer buying a home, while others would choose to stay in a rented apartment. But, if you want to get the best value for your money, you need to make an informed decision. This means you must know your priorities, the preferred locations (where you would like to settle) and then compare the figures to get the best return on investments.
Tampa was ranked the 7th best buyer’s market in U.S by Zillow; however, the home prices have increased by 10.7 % (percent) compared to last year. In spite of the increase in home prices, investing in a property can be profitable for those who can afford to buy a property. If you have newly relocated to Tampa, you might consider renting for the first few months, so that you have the flexibility to move around and check your options. But you also have another way out – compare the rent vs. buy metrics in various areas in the Tampa to determine whether buying or renting is a better option for you.
To make it easier for you, we’ve done the math and here is the buying vs. rent of a 3BR apartments statistics in some well-loved areas within Tampa, FL.
Palma Ceia Tampa
Palma Ceia is ranked Number 2 in Tampa and Number 4 in Florida; with liveability index touching 85. It is one of the best places to live in Tampa, FL., and with a population of 4,165 it is easier to find a home. The monthly mortgage payment to buy a property in this area is $2,017.86; whereas the median rent asked is $3,087.
North Hyde Park Tampa
Ranked as Number 11 in Tampa, North Hyde Park has low crime rates, higher graduation rates and an excellent weather, all factors that attract people to relocate here. The monthly mortgage payment would be $629.41 and the median rent asked is $1,500.
Bayshore Beautiful Tampa
With higher income per capita, lower crime rates and lots of local amenities, Bayshore Beautiful is one of the most desired places to live in Tampa, FL. The population in this area is 6117. The monthly mortgage payment to own a home would be $1736.67 and median home rent asked is $2,800.
Virginia Park Tampa
With a population of 5234, Virginia Park is among the top areas where people prefer to settle. The liveability index is as high as 79 and people here have access to all kinds of facilities and amenities. The monthly mortgage payment would be $ 1,541.42, while the median home rent asked is $2,675.
Tampa Palms Tampa
This is one of the most populated areas in Tampa, with a population of 15,639. Tampa Palms offers the best to its residents and with high income per capita, excellent education system and low crime rates there is no doubt why so many people choose to live in this area. The housing market is quite stable with monthly mortgage payment at $ 526.30 and median rent asked is at $1,912.
People willing to buy a home would be happy to know that they will have access to all kinds of home loan programs, so they need not worry about financing. First-time home buyers in Tampa will have access to the Down Payment Assistance Loans. Other Home Buyer Assistance Programs include Florida Assist Program, HAMI, and SHIP Program. To know more about home buying assistance programs, get in touch with us!