Should You Consider A Housing Grant For A Home Purchase In Utah?

Laptop showing a loan applicationA housing grant in Ogden, Salt Lake City or other cities in Utah from a provider such as Wasatch Peaks Credit Union could be a good solution for buyers that find it difficult to acquire properties in the state.

U.S. Census Bureau data showed that even if the state has a bigger housing supply in 2017, it has done little to curb price growth. For instance, recent figures estimate the median price of a single-family home in Salt Lake Count to be worth $345,000.

Population Growth

A larger population primarily caused the uptick in prices, as the pace of demand exceeded the available supply. Housing units in Utah rose by 2.1% in the previous year, which was the highest nationwide. Rising land development costs and a shortage of labor are the other reasons for higher prices.

A sluggish pace of salary growth in the state also meant that more people are unable to afford their own house. Despite the challenging market for buyers, a home purchase would still be more practical than a property rental.

Emerging Markets

The Ogden-Clearfield region in Utah ranked among the best 15 cities in the U.S. for home buyers, according to an analysis. Ogden, in particular, has been a top city for residential properties since last year, so it may be worthwhile to consider an investment here instead of looking in Salt Lake City.

If you live in Florida, the best place to earn a profit from a property investment is in Orlando. The analysis noted that average home prices in the city are expected to surge 35% by 2021. Other cities that are ideal for a home purchase in 2018 include Sacramento in California and Raleigh-Durham in North Carolina.

Conclusion

While it’s true that buying a house in Utah may be too expensive, consider applying for third-party financial assistance. It makes more sense to buy a house now especially for couples that want to start a family.

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