Looking to buy a home in Tampa? According to Zillow’s analysis, you’ll need to save more than six figures.
The average home price in Tampa stands at $382,802, requiring buyers to put down $181,195, which amounts to 47.3% of the home’s value. Saving 10% of monthly income with a 4% annual return would take approximately 16.6 years to accumulate this amount.
Comparatively, the average down payment for a $360,000 U.S. home is $127,750. Just five years ago, homes were priced approximately 50% lower, making many affordable without any down payment.
Despite these trends, Zillow identifies “affordable pockets” across the U.S. For instance, Pittsburgh, Pennsylvania, is highlighted as the most affordable market, where median-income households can afford monthly payments on a typical home without any upfront payment.
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