Buying a home in the Ogden-Clearfield area is the best option if you’re looking to save on costs or have a limited budget, according to the National Association of Home Builders (NAHB).
The NAHB’s Housing Opportunity Index in the last quarter of 2016 showed that despite price increases, almost 84% of new and existing properties sold in that three-month period were considered to be budget-friendly among households that earn $73,000.
NAHB Chief Economist Robert Dietz said that homes are generally affordable across the U.S. and even if mortgage rates are on the rise, salaries are also increasing that helps in offsetting this. His statement aligns with experts’ forecast for housing affordability in 2017, which projected that interest rates are expected to increase below 5%, while income should grow by 3%.
However, demand for homes will continue to outpace supply. This will eventually drive home prices upward at up to 7% for detached properties and up to 8% for attached houses, according to the Salt Lake Housing Forecast by University of Utah’s James Wood.
Supporting the Bill
Legislation that would support the development of cheaper homes in Utah gained widespread support among state lawmakers. Gov. Gary Herbert’s signature remains the only missing element before enacting HB36, which aims to provide incentives to property developers and landlords by using debt and enhanced tax credits to help them in lowering rental and leasing rates for properties.
Bonneville Multifamily Capital added that multifamily loans are also an option if you still find it difficult to buy homes in northern Utah or anywhere in the state. Houses in other areas are more costly, but they still cost less than the average price for a house nationwide.
As Utah strives to make housing more affordable, you should get the most out of certain financing options while market conditions remain favorable.