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,

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: sltrib - 🏆 316. / 61 Read more »