Can You Afford A Home In Tampa?
You have a good job and a killer credit history, but with all of the changes in the real estate market and the economy, how much do you need to make annually to afford a home in Tampa in 2023?
A lot of factors go into the equation, but the short answer is $113,000.00 a year. However, if you’re not making that kind of jack, freak not. There will always be alternative ways to get homes, but they will probably come with higher interest rates or other less-than-optimal conditions. The yearly required salary for home ownership has risen dramatically year-to-year. In 2022, only $77,000 was needed to buy a home. That means you must now make almost $40,000 more a year since 2022 to buy a house.
But the decision to buy a home is not easy when the world is an uncertain place. The economy has made it difficult to be optimistic about the future. And who wants a huge house payment when they lose their job? While foreclosures have risen for 21 months in a row across America, Florida ranks somewhere in the middle of the pack. It all makes buying a home an even bigger question. Generally speaking, a home is one of the best tax shelters and investments you can do in your lifetime, but it’s getting more dificult every day to get one.
Adding to the problem, interest rates have gone berzerk, doubling from about 3% to about 7% in a single year. Those hikes have come from the FED, as they try to curb inflation. Recent rates are now hovering around 6%, which still sucks when buying a house. The average American makes about $53,490 a year, which is half of what they need to make to buy a home in our area. Source: WFLA.com
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