If you bought a house in 2022, new data reveals that you are likely paying more than $600 what the 2021 home buyer is paying on monthly mortgage rates.
In its April Market Report, online real-estate site Zillow reported that a typical home in the Tampa area is now worth $366,059, with the third highest year-over-year percentage increase in the country at 35.1%.
On top of that, the site reported that the monthly mortgage payment on a Tampa home is now $1,569, assuming a 30-year mortgage with a 20% down payment. The Tampa metro also led the nation with a 70.3% increase in monthly mortgage payment—nearly 20% over the national average.
The increase amounts to the average Tampa homeowner paying an average of $648 more a month than a year ago.
For renters, the report also shows the average rent in Tampa Bay is now $2,055 a month, up 26.9% from last year—second in the nation behind the Miami-Fort. Lauderdale metro area at 31.7%.
Despite the growing price tag of a Tampa home, increasing mortgage rates and soaring rent costs—the market is more competitive than ever.
While the report stated that Miami homes were selling in 12 days in April, homes in Tampa Bay were selling at just five days on average, the same rate as Orlando.
The April report doesn’t stray far from the results of Zillow’s findings a month prior where the company found that mortgage rates in Tampa had risen 52.3% from a year prior.
However, according to Zillow economist Nicole Bachaud, the market is expected to rebalance itself this spring “as rising costs keep enough would-be buyers on the sidelines for inventory to begin catching up with demand…”
“But we have not yet reached that point,” Bachaud said. “It may very well be that fewer people are trying to buy, but with bidding wars continuing to drive up prices on limited inventory, those in the market today likely won’t feel much relief.”