33706, Saint Petersburg, FL

Saint Petersburg, FL is located in Pinellas County and has a population of over 229,000. The median household income in Saint Petersburg is $75,000 and the median home value is $245,000. Home equity and home prices are important factors to consider when looking at purchasing a home in Saint Petersburg.

Home equity is the difference between the market value of a home and what a homeowner owes on their mortgage or other loan obligations. The market value of a home can change over time due to inflation or other factors, but the amount owed on a mortgage or other loan obligation remains the same. As long as there are no major problems with the property (such as major structural damage), it's usually best to focus on buying an asset that has more equity (home equity) than debt (mortgage or other loan obligation).

The average rate on 30-year fixed-rate mortgages was 4.24% in March 2019 according to Freddie Mac. This means that if you borrow $200,000 at 4.24%, you will pay back $236,464 over the life of the loan. If you borrow money using an adjustable-rate mortgage (ARM), your interest rate could be higher or lower than this depending on how much interest has been added or subtracted from your original borrowing amount since your purchase date. For example, if you borrowed money using an ARM with an initial interest rate of 5%, your monthly payment would be slightly higher than if you had borrowed money using a 30-year fixed-rate mortgage at 4.24%. However, if rates increase by 1% each year after your purchase date, your total payments would be significantly higher with an ARM compared to a 30-year fixed-rate mortgage because your initial borrowing amount would have increased by more than 1%.

There have been recent increases in home prices throughout Saint Petersburg due to strong demand from buyers and limited supply of homes available for sale. In March 2019, the average list price for single family homes was $269,814 according to Zillow while the average price paid for these homes was $272,902 - indicating that buyers were able to purchase homes for approximately 2% above list price during this period.. Over time there may be periods where prices increase faster than inflation which could result in homeowners owing more on their mortgages relative to their property values - but this has not always been true in past years and it's important to consult with a financial advisor before making any decisions about buying or selling a home..