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2021-01-12
Growing Concern for Housing Affordability
The increase in housing prices is excluding more families
from homeownership. Despite the in the mortgage
rate, the monthly payment for the median-priced home in
Salt Lake County has increased from $1,743 in 2015 to $2,416
in 2020 (Figure 6). Both property taxes and private mortgage
insurance are based on the price of the home. For the buyer
of the median-priced home in 2020, the property taxes are
nearly $100 higher than in 2015, and the monthly cost for
private mortgage insurance is $127 higher. These increases
pretty much wipe out the savings from lower interest rates.
In 2015 it took an income of $70,000 to buy the median priced home in Salt Lake County. Five years later, it takes
an income of $97,000, an increase of 39% in five years.
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2021-01-12Utah's Extraordinary Growth in Jobs and Population 2021-01-12 Salt Lake County’s Housing Shortage 2021-01-12 2020 Single-Family Home Prices up 11.8% 2021-01-12 Growing Concern for Housing Affordability 2021-01-12 Utah's 2021 Economic Forecast 2021-01-12 Outlook for Mortgage Rates 2021-01-12 Salt Lake County Housing Forecast for 2021 2020-01-29 Median Single Family Home Prices in Salt Lake County increase to $378,000 in 4th quarter 2019 2019-01-28 The Gamble of Overpricing Your'e Home 2017-10-30 Salt Lake County single-family home median price reaches $330,000 2017-08-28 Most Salt Lake County Homes Sell for Under $350,000 2017-08-07 Median Single Family Home Prices Reach $327,000 in Salt Lake County 2017-02-07 Is There a Housing Bubble? 2017-02-07 Predictions for 2017: Total Residential Home Sales 2017-01-31 Q 4 Housing Report 2016-02-11 2016 Forecast for Salt Lake area Housing Market 2016-01-25 Local Home Sales Data 4th Quarter 2015 2015-04-27 Mistakes people make when selling a home 2015-04-27 Save for down payment or buy a home now? 2015-04-27 Salt Lake Home Sales Climbed 16% in the First Quar 2015-02-06 Salt Lake County housing market positive for 2015 2015-01-15 FHA Mortgage Insurance Premiums Reduced by 0.50% 2014-02-05 Salt Lake Housing Prices Returning near 2007 Highs 2014-01-27 Salt Lake home sales in 2013 are highest on record 2013-10-31 Condo sales at a 7 year-high Click here to see ALL articles.
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