Renting is cheaper than owning in Tampa Bay
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Renting is cheaper than owning a home in Tampa Bay, according to a LendingTree analysis.
Why it matters: Housing costs have soared nationwide, with stubbornly high home prices and mortgage rates weighing on would-be buyers.
By the numbers: Tampa Bay's median monthly gross rent was $1,776 in 2024, based on the latest available census data, compared to over $2,143 a month for mortgaged homes.
- That's 20% more each month than renting, including utilities, fees and taxes.
Yes, but: Home prices across the region fell last year in a trend that's likely to continue.
Zoom out: Northeastern metros — New York (76%), Bridgeport, Connecticut (75%), and Providence, Rhode Island (67%) — saw the biggest percentage differences between homeowners' and renters' bills.
What they're saying: "The cost disparity here could be enough to convince someone that they'll never be able to own a home in some areas, and — unfortunately — they may be right," said Matt Schulz, LendingTree's chief consumer finance analyst, in a statement.
- Homebuyers may have to move to another city to find a place within reach, he says.