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

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Utah Housing ニュース

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Utahns told The Tribune they're frustrated after searching for a home to buy and finding they don't make enough to own a home without breaking the bank. Some are even considering leaving the state.

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,

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