Last Updated: Monday, July 27, 2026
Buying A House In Tampa: Should You & How To
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When you decide to buy your first house, you may not know where to start and what to do. The first big choice you will have to make is where to buy. After that, you’ll have to figure out how much you can afford and what exactly goes into the home-buying process.
Tampa is a great place to buy a house due to its growing population, strong job growth, and increasing house prices. To buy a house in the Tampa Bay area, you’ll need to set a budget, figure out what you want, find a realtor, and start house hunting. Once you find the house that you want, you will make an offer, negotiate a deal, and close on the house.
At Eaton Realty, we represent buyers looking for homes for sale in the greater Tampa region. As seasoned Hillsborough County realtors, we have the experience you need to make your home-buying process successful. Reach out today to talk to a member of our team about starting the search for a home in Tampa.
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Should You Buy a House in Tampa?
Whether you are from the region or are just moving to Hillsborough County, you may wonder if buying a house in Tampa makes sense. Generally, there are many factors to consider when deciding to rent or buy, such as the length of time you plan to stay in the home and your overall finances. These issues can be complicated and highly dependent on your situation.
Today, we are assuming that it makes financial sense to buy a house instead of renting a house in Tampa. With that in mind, the question becomes: should you buy a house in Tampa?
Desirable Location
The first thing to consider is Tampa’s popularity as a place to live. While overall population growth has slowed in the United States, Tampa Bay continues to show growth. In fact, Tampa Bay is one of the fastest-growing large metro areas in the United States. When investing in real estate, this is an incredibly positive factor. Population growth leads to increased demand for housing, which is great news for the value of your investment.
Thriving Job Market
Second, Tampa has the hottest job market in Florida. Governor DeSantis recently announced that in February 2023, the Tampa region gained the highest number of private sector jobs out of any metro area in Florida - an increase of 67,400 jobs or 5.2%. The average per capita income in Tampa is also slightly higher than the national average. The combination of higher earnings and more jobs means that there will continue to be demand for housing in Tampa.
Continued Price Appreciation
Third, the Tampa housing market is expected to continue its surge due to population and job growth. Currently, housing prices show strong appreciation (value growth). In fact, home values in Tampa have increased by nearly 250% since 2000. These numbers indicate that buying a house in Tampa will likely be a good financial decision.
Strong Demand For Rentals
Fourth, the Tampa region offers plenty of opportunities for rentals. Like many other cities in Florida, Tampa is a tourist hot spot. There is also a constant influx of new service members stationed at MacDill Air Force Base. Even if you don’t stay in your house long-term, there is still a strong potential for renting out your house.
Low Taxes
Fifth, taxes in Florida are low overall. With no individual income tax and a property tax rate of 1.97% in Tampa, home ownership is a good choice in the metro area. This is particularly true when considering the tax advantages of owning your home.
How to Buy a House in Tampa
Once you have decided to purchase a home, there are several steps that you should take to make your dream a reality. Below, we outline the process of buying a house in Tampa.
Step 1: Figure Out Your Budget
When you decide to buy a house, it can be tempting to start looking at properties immediately, and this can often land you in trouble if you fall in love with a home outside your price range. Before you get started, sit down and determine what you can afford.
A general rule of thumb is that no more than 28% of your gross income should go towards your mortgage payment, with no more than 36% of your gross income going towards all of your debt payments (such as student loans, car payments, and credit card debt). Remember that the mortgage payment will include the principal, interest, homeowner’s insurance, property taxes, mortgage insurance (if you’re putting down less than 20%), and homeowner’s association (HOA) fees.
An easy way to set a budget for house hunting is to multiply your gross monthly income by 28%. This number will yield the max monthly mortgage payment you can afford. As an example, if your monthly income is $5,000, the max monthly mortgage payment you can afford is $1,400/month ($5,000 x 0.28). Of course, this is just a guide - depending on your circumstances, you may want to use a lower percentage. For example, you might want to avoid bumping up against the higher edge of your budget to account for unexpected expenses or other issues.
The median home price of a house in Tampa is currently $380,000. While you can certainly find a place you love for less, you should consider this price when making your budget. Being realistic is essential to ensure you aren’t house-poor or don’t experience financial strain because of your home.
Step 2: Get Pre-Approved for a Loan
Getting pre-approved for a mortgage is not always necessary - but it can be helpful. When you are pre-approved for a loan, you know that you can borrow the money you need. Pre-approval will also help sellers take your offer more seriously.
There are many options for getting a loan, particularly for first-time homebuyers, including programs specific to Tampa, such as the City of Tampa Mortgage Assistance Program, the Dare to Own the Dream program, East Tampa CRA Down Payment Assistance, the Home Sweet Hillsborough Program, and the Mortgage Credit Certificate from the Housing Finance Authority of Hillsborough County. While these programs can help, they will each have specific requirements. Generally, you will need a decent credit score, stable employment or self-employment, and enough cash for a down payment, closing costs, and other expenses to qualify for a loan.
Step 3: Think about Your Priorities
Now that you have set your budget and gotten pre-approved for a loan, it is time to think about what you want in a house. Factors to consider include:
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While creating a wish list, remember that unless you have a massive budget, you probably won’t get everything you want. It is important to be realistic about what you can buy based on your budget. You may have to compromise on things like square footage or a pool to get items that are more important to you, like neighborhood or local schools.
Step 4: Find a Realtor to Represent You
It is possible to search for and buy a house on your own. However, working with a buyer's agent is much easier - and less stressful.
Your Tampa real estate agent should have expertise in the local housing market and experience handling all aspects of the home-buying process. They can get you access to listings with more detailed information on the MLS and provide you with things like comparable sales to ensure you are getting a good deal. A good realtor can also help you negotiate a great price, get the concessions needed to make the sale happen, and shepherd you through the closing.
Step 5: Start House Hunting
The next step is the fun (and sometimes exhausting) part: looking for a house! Your agent will present you with options based on your priorities, typically giving you a range of homes to help you finetune your wish list. You will visit various houses throughout Tampa in neighborhoods like:
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As you go through each house, you will likely get a better sense of what you can realistically purchase based on your budget and other parameters. When you finally find a place that fits your needs and budget, it will be time for the next step: making an offer!
Step 6: Submit an Offer
When a house is on the market, it has a listing price, and this amount can often be negotiated down, particularly in a buyers’ market. When the market is hot, and the housing supply is limited, you end up paying over the asking price. Your realtor can help you understand current market trends and what type of offer may be accepted.
Together with your agent, you can come up with your best price and any contingencies. For example, a common contingency is closing on a certain date (such as a few days before your current lease ends). Other contingencies usually deal with things like the house passing inspection and financing approval. Your realtor can work with you to develop contingencies based on your situation.
The seller may accept the offer or come back with a counteroffer. If they counter, you can continue to negotiate. If the seller accepts, you must put down an earnest money deposit (1 to 2% of the purchase price). If the deal falls through after the contract is signed, the seller may get to keep this deposit.
Once you have signed the contract, many things need to happen. Typically, you will have to schedule a home inspection. Your lender usually requires this, which is also for your protection. If issues come up during the inspection, you may be able to negotiate a price reduction or have the sellers fix the problem, depending on the contract.
The bank will also perform an appraisal to ensure the home is valued appropriately. If the appraisal comes in under the sales price, the bank may not approve the financing. During this time, there will also be a lot of paperwork and legal issues to attend to, such as having a lawyer do a title search to ensure the seller can pass a clean title to you.
Step 7: Go to the Closing and Get Your Keys
The final step of the process is going to the closing. At the closing, you will go through the paperwork and sign a lot of documents. If all pre-closing technicalities have been taken care of, then the closing should be a relatively low-stress formality. When everything is signed, you will get the keys to your house!
How Eaton Realty Can Help
Buying a home - whether it is your first place or your 5th - can be incredibly stressful. While it is exciting to dream about a new house, it can be hard to know where to get started. Our real estate agents are here for you. You can browse our listing directory to see homes recently listed for sale in Tampa Bay. You can even browse for homes under $400,000 to find more affordable offerings, but it's a much easier process if our realtors work directly with you to open up a custom search for you. One of the ways you could make owning a home more affordable would be through house hacking. You can search duplexes and triplexes for sale in Tampa and get help managing your rental through our Tampa property management services.
Based in Lithia, Eaton Realty works with buyers throughout Hillsborough County. Our goal is to help you buy a house that fits your needs AND your budget. If you’d like to learn more, fill out our online contact form or give us a call at 813-672-8022 to talk to a team member.
