Mar 12, 2024 - Real Estate

It takes nearly 19 years for singles to save for a starter home in Tampa Bay

Years needed for <span style='text-decoration: underline 3px solid #6533ff;'>couples</span> and <span style='text-decoration: underline 3px solid #ff4e1f;'>individuals</span> to afford a starter home down payment
Data: Point2; Note: Down payment calculated as the minimum amount needed to have an affordable mortgage (<30% of monthly income) for the median-priced starter home in each market, or at least 20% down; Chart: Axios Visuals

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 β€” 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 β€” and, in most areas, your relationship status.

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