TAMPA, Fla. - The RealtyHop Housing Affordability Index, a recent report by investment data company RealtyHop, ranked Tampa as one of the least affordable cities for homeowners.
The report, which ranks the top 100 most populous cities on their affordability for homeowners, found Tampa to be the 36th least affordable market for homeowners based on its homeowner burden.
A city's homeownership burden is the total cost to own a home and includes:
- Median household income
- Median for-sale home listing prices
- Local property taxes
- Mortgage expenses, assuming the homeowner signed a 30-year mortgage with 4.5-percent interest rate and a 20-percent down payment.