Lakewood Estates and Disston Heights: Where Buying Beats Renting in St Petersburg Suburbs

For the first time since the mid-2010s, residents in parts of St Petersburg’s Lakewood Estates and Disston Heights are now finding it more affordable to buy a home than to rent one, according to newly released research from the Bay Area Real Estate Board.

The reversal comes as asking rents for family-sized units shoot past $2,400 per month in popular southern and western suburbs, while home prices—though high—are increasingly matched by low fixed-rate mortgages for qualifying buyers. With July rental renewals bringing an average 7% increase over last summer, renters face an expensive squeeze that isn’t mirrored for new homeowners in targeted neighborhoods.

Shift Undercuts St Pete Renters

Lakewood Estates, bordered by 54th Avenue South and Dr. Martin Luther King Jr. Street S, has long been attractive for renters—thanks in part to its green spaces like the St. Petersburg Country Club and easy access to downtown. But today, two-bedroom apartments in complexes along 31st Street S routinely list for $2,200 or more monthly. Meanwhile, similar-sized homes on tree-lined streets like 19th Street S and Fairway Avenue are selling around $325,000. For buyers able to put down 10%, monthly mortgage payments after taxes, insurance and fees now average $2,100, according to research firm Suncoast Housing Analytics.

Disston Heights—running between 49th Street N and 58th Street N above Tyrone Boulevard—shows the same story. The neighborhood, known for its postwar bungalows and proximity to Lealman Park, has seen rental listings for three-bedroom homes hit $2,750. Yet the average sale price for a 1,400-square-foot home in the area, per Pinellas Realtor Organization data, sits at $347,000. Using today’s prevailing 5.4% 30-year fixed-rate (as offered by local lenders like GTE Financial), new buyers see monthly costs just below $2,100, often several hundred less than comparable rental units nearby.

Rising Rents, Flat Prices

Citywide, average asking rents for single-family homes have soared 19% since July 2022, according to the St. Petersburg Rental Market Report, while median sale prices have crept up a more modest 5%. Apartment complexes managed by Progress Residential and Invitation Homes announced two successive rent bumps this spring, citing rising maintenance costs and low vacancy rates. At the same time, record numbers of first-time buyers registered with the city’s HomeReady program in June, with over 80 applications just for Lakewood Estates and Disston Heights.

Analysts point out that buyers benefit not just from stabilized monthly payments, but from modest tax incentives and, frequently, backyard space that’s hard to find in rental stock. The break-even point between buying and renting in these pockets is now three years or less—down from five in 2021. For St Petersburg police officer Samir Patel, who settled on 26th Avenue S last month, owning meant not just a lower monthly bill but freedom from annual lease uncertainty.

Prospective buyers should, however, factor in formal costs: closing fees, maintenance, and insurance premiums that rose 8% across Pinellas in the past year. "Buyers who plan to stay at least three years often come out ahead in these corridors," says a spokesperson for Suncoast Housing Analytics. But those unsure of their job or family situation may want to tread carefully as long-term trends remain sensitive to shifts in interest rates and local supply.

Both Lakewood Estates and Disston Heights will be the focus of a city housing seminar at the University of South Florida St Petersburg campus on July 16, where officials from the Pinellas County Housing Authority will offer sessions for first-time buyers. For families feeling rent fatigue, these neighborhoods might finally present a mortgage math they can live with.