Tampa named among best places to buy a starter home: Here’s why
TAMPA, Fla. - If you’re looking to buy a starter home, you may not have to leave the Bay Area. Tampa has been named among the best U.S. cities to purchase a starter home by Construction Coverage.
Researchers with Construction Coverage looked at the latest data from the U.S. Census Bureau’s 2022 American Community Survey, Zillow’s Housing Data, Redfin’s Data Center, and Freddie Mac’s Primary Mortgage Market Survey to determine the best places to buy a starter home in 2024.
Locations were ranked based on a composite score made up of:
- Percentage of owner-occupied homes with three or fewer bedrooms (40%)
- Monthly mortgage payment for homes with three or fewer bedrooms as a percentage of median renter income (20%)
- Median sale price of a home with three or fewer bedrooms (15%)
- Months supply (15%)
- Homeownership rate for under 35-householders (10%)
Tampa came in at number 6 among the best large metros to find a starter home with a score of 55.0. Pittsburgh came in at No. 1 among large metros with a score of 75. 1 and San Jose-Sunnyvale-Santa Clara, C.A. came in as the worst place to buy a starter home in a large metro with a score of 3.2.
According to the list, the median price of a starter home in the Tampa area is about $327,827, while in Pittsburgh someone looking for a starter home can expect to pay about $184,026.
Overall, Florida was ranked 13th in the country with a score of 62.1, while California was ranked the worst state to buy a starter home with a score of 16.9, and West Virginia was rated the best with a score of 86.1.
The median price of a starter home in Florida, according to Construction Coverage is $354,535, in West Virginia, it’s $148,102 and in California, the median price of a starter home is $692,681.
Click here to see the full list.
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