Tampa mortgage payments up $648 a month from last year | Tampa Bay News | Tampa

If you bought a home in 2022, new data reveals you’re likely paying more than $600 what the 2021 homebuyer 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. of 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. Tampa Metro also led the nation with a 70.3% increase in monthly mortgage payments, nearly 20% more than the national average.

The increase equates to the average Tampa homeowner paying an average of $648 more per month than a year ago.

For renters, the report also shows that the average rent in Tampa Bay is now $2,055 per month, up 26.9% from a year ago, second in the nation behind Miami-Fort. Lauderdale metro area at 31.7%.

Despite the rising price of a home in Tampa, rising mortgage rates and skyrocketing rents, the market is more competitive than ever.

While the report said Miami homes sold in 12 days in April, Tampa Bay homes sold in just five days on average, the same rate as Orlando.

April’s report doesn’t stray far from the results of Zillow’s findings a month earlier, where the company found mortgage rates in Tampa rose 52.3% from a year earlier.

However, according to Zillow economist Nicole Bachaud, the market should rebalance this spring “as rising costs are keeping enough potential buyers on the sidelines that stocks are starting to catch up with demand…”

“But we haven’t reached that point yet,” Bachaud said. “It may very well be that fewer people are trying to buy, but with the bidding wars continuing to drive up prices on limited inventory, those in the market today are unlikely to feel much of a relief.

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