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Lakeland-Winter Haven is named one of the most affordable housing markets
By Stsff Report
Tampa Bay Business Journal
Published: Sep 14, 2012

Trulia, the real estate website, has released a survey of the cost of renting versus the cost of buying a home in 100 of the country's top markets. It found that in nearly every market there is now a financial advantage to buying over renting, according to The Wall Street Journal.

Very close to the lead position in the financial advantages of owning is Lakeland-Winter Haven, where the monthly cost of home ownership is $495, while average the cost of renting is $1,276, a whopping 61 percent difference. That area takes fourth place, behind only Detroit; Gary, Indiana; and Oklahoma City. Tampa-St. Petersburg, in 14th place, is not far behind. Trulia finds the cost to own a home in the Tampa area is $594. Renting costs an average of $1,393.

Trulia figured the cost of owning a home by assuming the homeowners have a 3.5 percent mortgage rate, itemize their taxes, are in the 25 percent tax bracket, and will stay in their home for 7 years. All costs of owning, everything from closing costs to maintenance, were included in the figures for home ownership.



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