Quick answer
At current rates, renting wins over the full 30-year horizon in St. Petersburg. Monthly ownership cost $3,508 (vs $$2,100/mo rent) plus FL's 0.98% property tax make the math tough.
Rent vs Buy · FL
Rent vs Buy in St. Petersburg (2026)
Real math using FL's 0.98% property tax rate, $7,500/year average insurance, and a 6.8% 30-year fixed mortgage. Accounts for opportunity cost — what the down payment would earn invested at 7%.
Last updated: April 23, 2026
Verdict at current rates
Renting wins (30-year horizon)
In St. Petersburg at FL's tax rates and current 6.8% mortgages, keeping the down payment invested at 7% beats homeownership even after 30 years. The standard advice "buy to build equity" doesn't apply here at today's price-to-rent ratio.
Monthly Cost Breakdown
Buying
$3,508/mo
Mortgage P&I
$336,000 loan, 30yr @ 6.8%
$2,190
Property tax
0.98% of assessed (FL avg)
$343
Homeowners insurance
$7,500/yr FL avg
$625
Maintenance
1%/yr of home value
$350
Cash at close: ~$94,500 ($20% down + fees)
Renting
$2,100/mo
2BR rent (median)
St. Petersburg market rate
$2,100
Renters insurance
~$15/mo typical
$15
Down payment invested
$84,000 growing at 7%/yr
(opportunity cost)
Monthly gap: $1,408 cheaper than buying. Renter invests that difference.
Year-by-Year Net Position
"Buy wins by" = what you'd clear selling the home minus what the renter has in investments. Positive = buy ahead.
| Year | Home value | Buyer equity (net) | Renter portfolio (net) | Buy wins by |
|---|---|---|---|---|
| Year 5 | $486,895 | $-157,909 | +$78,113 | $-236,022 |
| Year 10 | $564,445 | $-256,508 | +$93,314 | $-349,822 |
| Year 15 | $654,346 | $-335,884 | +$141,828 | $-477,712 |
| Year 30 | $1,019,450 | $-351,738 | +$707,090 | $-1,058,829 |
Assumptions
Every rent-vs-buy calculator depends on the assumptions. Here are ours — all transparent, none cherry-picked to bias the answer.
This is a rule-of-thumb calculator. Real decisions involve your specific tax bracket, any HOA, mortgage points, closing-cost negotiations, and exact loan terms.
Frequently Asked Questions
Is it better to rent or buy in St. Petersburg?
In St. Petersburg at current mortgage rates (6.8%), renting and investing the down payment beats buying for the full 30-year horizon. Median monthly ownership costs ($3,508) well exceed median 2BR rent ($2,100), and FL's 0.98% property tax makes the math especially tough.
What's the monthly cost of owning a home in St. Petersburg?
On a median $420K home with 20% down at 6.8% fixed rate: mortgage P&I $2,190, property tax $343 (0.98% of assessed value), homeowners insurance $625 (FL average $7,500/year), and maintenance $350 (1% of home value/year). Total: $3,508/month.
How much down payment do I need to buy in St. Petersburg?
20% down on a median St. Petersburg home ($420K) is $84,000. Plus closing costs of roughly 2.5% ($10,500). Total cash-to-close: about $94,500. FHA loans allow 3.5% down ($14,700) but require mortgage insurance that adds ~$164/month.
What's the 10-year cost of renting vs buying in St. Petersburg?
Over 10 years in St. Petersburg: renters pay $288,890 in cumulative rent but have $382,204 invested (assuming 7% return on the $84,000 down payment + monthly savings). Buyers have paid $500,128 in total ownership costs and hold $277,486 in home equity. Net: renting is ahead by $349,822 at year 10.