Dreams of homeownership are seriously threatened

Posted on May 6, 2019
Dreams of homeownership are seriously threatened

 In 2013, the monthly mortgage payment for the median-priced home in Utah came in at $1,167. By 2018, that monthly payment had climbed dramatically — up 56 percent to $1,821. Comparatively, household income increased by just 20 percent during that same period.

Data showed that last year’s median new home sales price for Salt Lake County jumped 61 percent from 2010 to $418,376. That trend was similar in three other Wasatch Front counties, with Weber County’s median price rising 50 percent, while Utah County saw a 62 percent hike, and Davis County had a whopping 71 percent increase in its median sales price over the eight-year period.

Yearly price increases for single-family homes in Utah increased from 4.3 percent in 2014 to 10.7 percent last year. A similar pattern seemed to follow with condominiums and town house with prices jumping 4.8 percent in 2015 to nearly 12 percent in 2018.

Finding a property that fits with your financial reality is our speciality. Call today to get the process started.

5 Bedroom 2 bath home, shown above, listed for $240,000 in the Kearns area. We received 11 offers in a three day period and SOLD. MLS #1595752

Photos tour here