Tampa's Housing Becomes More Affordable
In the latest Housing Affordability Index released by Realty Hop, Tampa has moved three spots higher ranking at 27th from 24th for the most expensive major city in the U.S. (Click here for the full report)
According to their report, Tampa homeowners will spend about 38.89% of their income on homeownership, while St. Petersburg ranked as Florida's fourth most expensive city and 49th overall. St. Pete's homeowners should expect to spend roughly 31.82% of their income on homeownership.
The report is based on four (4) key metrics which are:
- Median household income from the U.S. Census
- Median for-sale home listing prices via RealtyHop data
- Local property taxes via ACS Census data
- Mortgage expenses, assuming a 30-year mortgage, 4.5% interest rate, and 20% down payment.