NEW PORT RICHEY, Fla. — Is it more affordable to rent a home or buy one? It's a question that used to have an automatic answer for most people — buy, because it was considered a good investment in yourself.
But in the last couple of years, as home and rent prices have gone up, it's more a matter of finding a place you can afford either way.
Devyn Fitzhenry is celebrating buying her first home. After years of renting, a realtor friend finally talked her into looking.
"I was nervous because I didn't know if I could afford it or not. And she was like 'let's just go through the process. It's not scary. Let's just see. Let's just take it one step at a time," she said.
Alexis Manns, Fitzhhenry's realtor, said she was able to buy a brand new house in Holiday and now saving $600 a month. She used to pay $3,300 a month to rent a home in New Port Richey.
"I always tell them the farther north you go, the more you get for your money," Manns said.
Kelly Mothershead is a realtor and team leader with Keller Williams, specializing in Pasco, Pinellas and Hillsborough counties. She's watched the market change drastically over the last few years, starting with the pandemic.
"We had so many people coming here that we had a lot of buyers. So buyers that didn't have a ton of money or that needed special financing weren't able to buy a home because you might have had 15-20 people ready to make an offer for the same home. So they were forced to rent," she said.
All across Tampa Bay, home prices are down slightly because inventory is up significantly in the last year. The challenge now for buyers is higher interest rates and rising property insurance premiums. Mothershead says a good realtor can help walk you through those issues.
"If you have a really good realtor who works in a reputable company, they're going to be doing their research and their education with the mortgage lenders and with the insurance companies to make sure that we're knowledgeable in that industry," she said.
After years of drastic spikes in rental prices across Tampa Bay, the cost is starting to slowly go down. Much of that is due to supply and demand. Developers have rushed the construction of new apartment homes across the Bay Area, increasing the supply by 3% since 2022.
For Devyn, when it came to renting versus buying, the choice became clear when she realized how much she could save.
"It is a process, but it's well worth it. At this point now, I'm spending money towards myself. I'm not just throwing away money renting. So that was huge for me," she said.
With the housing market constantly changing, the choice really comes down to what's right for you and your lifestyle.