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TAMPA, Fla. – Renting a home is currently costing significantly less each month than buying one, according to a new analysis from Zillow.<\/p>\n
National rent trends <\/p>\n
The backstory:<\/p>\n
According to the Zillow Observed Rent Index, the typical U.S. rent was $1,948 a month in August.<\/p>\n
Zillow found the typical monthly payment for a new home buyer, including mortgage, taxes and insurance, was $3,014. That creates a difference of $1,066 per month, or $12,792 a year.<\/p>\n
Zillow said the gap has grown as mortgage costs have risen faster than rents.<\/p>\n
The trend applies across the 50 largest metro areas in the country, including Tampa.<\/p>\n
Tampa housing costs <\/p>\n
Local perspective:<\/p>\n
Tampa’s rental market is also showing a growing supply of available homes and apartments.<\/p>\n
Andrew Ricker, a realtor with Gulf Shores Realty, said the difference can be seen when comparing a typical three-bedroom, two-bathroom home.<\/p>\n
“For an average 3-2, they’re about $390,000 in Tampa. So I think that mortgage comes out to right around $3,000 a month, which is about $500 more expensive than you could rent a 3-2 just, you know, for argument’s sake here,” Ricker said. “So it is, I guess, in that nutshell, a little bit more affordable to rent in the Tampa area.”<\/p>\n
Zillow’s analysis shows the Tampa-area difference is even larger when looking at its broader metro-area data.<\/p>\n
By the numbers:<\/p>\n
Zillow says renters who invest the difference between their monthly rent and the cost of buying could potentially turn those savings into additional wealth.<\/p>\n
Based on Zillow’s calculations, investing the $1,066 monthly difference could produce an additional $322 in the first year. Zillow says that could grow to a cumulative total of about $72,000 after five years if rents and home-buying costs remain stable.<\/p>\n
That calculation assumes renters consistently save and invest the difference rather than spend it.<\/p>\n
Zillow also points to the potential savings from avoiding some of the costs associated with homeownership, including closing costs and maintenance.<\/p>\n
Ricker, however, points out homeownership remains one of the best investments a family can make.<\/p>\n
“I think it’s that same old adage if you’re paying someone else’s mortgage, right?” he said. “I can’t speak for everyone, but I would say that any family, any individual that’s looking to secure themselves for the next one, two, three, five, ten years, I don’t have a crystal ball, but real estate is the number one wealth growth decision for your finances that you can make in your lifetime.”<\/p>\n
Real estate trends <\/p>\n
Dig deeper:<\/p>\n
Zillow’s findings come as rental prices have been trending lower nationally.<\/p>\n
Realtor.com previously reported that national rental prices had declined for more than 35 consecutive months.<\/p>\n
At the same time, Tampa Bay continues to see an increase in the number of homes and apartments available to rent.<\/p>\n
That combination of increased rental supply and higher borrowing costs has helped widen the monthly gap between renting and buying.<\/p>\n
Industry market views <\/p>\n
What they’re saying:<\/p>\n
Zillow says the rent-versus-buy calculation can be particularly significant for people who expect to move within five years or less.<\/p>\n
The company says the cash-flow difference over a five-year period can reach tens or even hundreds of thousands of dollars in some markets.<\/p>\n
The savings are especially large in some high-cost coastal markets. Zillow says renters in San Jose, for example, typically pay $94,596 less than buyers over a year and could earn an additional $2,381 by investing those savings.<\/p>\n
The report also notes that the financial calculation involves more than the monthly payment.<\/p>\n
The Source: Information for this story came from Zillow, Realtor.com and an interview with realtor Andrew Ricker, Gulf Shores Realty.<\/p>\n