Newspaper article Sarasota Herald Tribune

Monthly Mortgage Payment Is Up 7.4%

Newspaper article Sarasota Herald Tribune

Monthly Mortgage Payment Is Up 7.4%

Article excerpt

HOUSING ANALYSIS: It's not as bad as some areas, but affordability is an issue

It takes a salary of $36,437.56 to afford a median-priced home in the Tampa market, according to the calculations of a New Jersey- based publisher of mortgage and consumer loan information.

The Sarasota and Bradenton markets were not included in the analysis done by Riverdale, N.J.-based, but the markets are not dissimilar to Tampa's.

That salary cost put the Tampa market No. 7 on a list from the most to least affordable markets, making it the most affordable Florida community on the list.

Miami was No. 18 on the list, requiring a salary of $59,734.23 to afford that market's median priced house.

Tampa saw a year-over-year gain in median home price of 0.4 percent, taking it to $145,000.

Year-over-year, the monthly payment rose to $850.21, up 7.4 percent.

"So far, Tampa is the first metro area to post a quarterly salary increase," said. "Positive gains in mortgage rates and home prices took affordability in the wrong direction.

"But for Florida homeowners looking to build positive equity, this is a welcome sign."

The lowest cost on the list was Cleveland, at a $29,788.67 salary, while the most expensive was San Francisco, at $137,129.55.

For a frame of reference: the median household income in Sarasota County from 2008-2012 was $48,900.

In Manatee County, it was $47,910, according to Census data.

The median value of owner-occupied housing units from 2008-2012 was $191,600 in Sarasota County. In Manatee, it was $175,100, Census data shows.

The state median income was $47,309, while the median housing unit value was $170,800, according to the Census.

Most markets on the list became more affordable, though the changes were small.

"While overall the NAR (National Association of Realtors) reported continued year-over-year price growth in the nation's metro areas, the increases were smaller and a bit more sporadic," the company said.

"On a quarterly basis, more metros on our list experienced home price declines than increases.

"The price declines, as well as those metros that experienced minimum-price gains, were partially balanced out by a quarter that saw higher mortgage rates. …

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