TAMPA, Fla. (WFLA) — If you are looking to buy a home in Tampa, you will need to save up more than six figures, according to an analysis from Zillow.
A typical home in Tampa will cost buyers $382,802. Zillow said buyers will need a down payment of $181,195 or 47.3 percent. It would take a buyer 16.6 years to save that much money if they save 10 percent of their income each month with an annual return of 4 percent.
Zillow said the average down payment needed to buy a U.S. home valued at about $360,000 is $127,750.
Home sellers are slashing prices in these Florida cities, according to Realtor.com
Just five years ago, the real estate company said the typical home was worth about 50 percent less and many homes would have been affordable with no money down.
According to Zillow, there are still “affordable pockets” in the U.S. Pittsburgh, Pennsylvania is the most affordable housing market, where a median-income household could afford monthly payments on a typical home with no money down.