Tampa, FL

Rent vs buy in Tampa

Median home $306,100. A 1 bedrooms rents for $1,520 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,520; per month
Own the median home: $2,068; P&I, tax, insurance, upkeep
Owning costs extra: $548; per month, same metro

What a purchase actually costs

20% down payment$61,220
Mortgage at 6.5%$1,548
Property tax (0.94% of value)$240/mo · $2,877/yr
Insurance and upkeep (1.1%/yr)$281
Total monthly ownership$2,068

Census ACS 2023: 53% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,306 left over a month, it takes about 27 months (2.3 years) to save $61,220 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.