Utah’s housing market ‘demoralizing and depressing’ for potential buyers

A Salt Lake Tribune analysis found the typical renter household can only buy a home and spend less than 28% of their income on a mortgage payment in Beaver County.

“It’s depressing almost, and then I get discouraged and then I look at prices in other states and think, ‘Why do I live here?’” Packer said. For example, Little Rock, Arkansas, is the most affordable city out of 42 metropolitan areas for which the Tribune analyzed data.Assuming a 10% down payment and 6.43% mortgage, that would be a payment of $1,242 a month, requiring an income of around $53,200 to spend less than 28% of monthly paychecks on a mortgage.

Jessica Bryce in one of EDGEhomes' model homes in Riverton's Mountain Ridge neighborhood on Friday, May 3, 2024. Bryce encouraged people looking to buy to get pre-qualified so they can set their budget, and to buy what they can afford instead of holding out for a dream home.Town homes are trending and can “live like a single-family home,” Bryce said, and they’re a more affordable option,

España Últimas Noticias, España Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

An aerospace company’s new office could bring Utahns closer to the moonDraper company has a decades-long partnership with the U.S Air Force at Hill Air Force Base. At its new Utah office, it hopes to tap into the state's growing tech workforce.
Fuente: sltrib - 🏆 316. / 61 Leer más »