It takes nearly 19 years for singles to save for a starter home in Tampa Bay
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It takes single people in Tampa Bay 16 more years to save for a starter home than couples, according to a recent Point2 study.
Why it matters: Tampa Bay isn't the most expensive market for singles, but that doesn't mean it's particularly cheap — and having a partner can shave off more than a decade of saving.
- The time it would take for a single person to afford a starter home in Tampa Bay is more than double the U.S. average.
Zoom in: Tampa Bay's median income for singles is about $40,000, compared to $91,000 for couples, per the Point2 data.
- The median starter home costs $249,562, leaving couples with $49,912 to save up for, which takes them about two years.
- Those without dual incomes must save $151,137 for a starter home, setting them back 18.7 years.
The fine print: The study assumes people are saving 20% of their income for a downpayment.
- A starter home is defined as the median price of the cheaper third of listings in the region.
- This calculation assumes a 6.6% mortgage rate. Current mortgage rates are hovering above 7%.
The big picture: Saving for a starter home in the U.S. takes single people four times longer than couples.
- In some places, like in California, it would take people an entire lifetime to save for a house.
The bottom line: The timeline for comfortably buying a house largely depends on where you live — and, in most areas, your relationship status.