Utah Second For First Time Home Buyers
Utah ranks second for states friendly to first time home buyers. That's what we learned in a recent Bankrate article, about the toughest and easiest states for 1st time homebuyers.
The states were ranked using a 4 point scale, affordability, availability, credit access, and homeownership among the under 35 group.
Here is a list of the top 10 states in the country.
The best-performing states in our ranking are mostly Western and Midwestern states with varying degrees of urbanization. Iowa, Utah and Minnesota make up the top three.
The article states that affordability was the key issue for making a buying decision & that affordability ranged from 13% of household income for principal & interest in the most affordable states to over a third of household income in those areas deemed least affordable.
Job Market Availability
Buying and keeping a home depends to a large extent on obtaining steady work @ reasonable pay for adults between 25 & 34 ( first time homebuyer demographics). Utah ranked #3 among states for these employment opportunities.
Bankrate pointed out that available credit was a factor in the first time home buyer equation and that the difference between markets was considerable. An example of these disparities would be that those borrowers in Alaska enjoyed a 95% approval rating while over 15% of house buyers seeking a mortgage were denied. No wonder Utah ranks second for states friendly to first time home buyers
Millenial Home Ownership
The proof is in the pudding. If the state is first time buyer friendly then it stands to reason that a lot of families are getting their first home there.
Once again Utah ranks high in providing these measurement stats. Utah ranks 3rd following Minnesota & Iowa.
So, ready to see how you will do. Want to see whats available.? Need to discuss financing and how to get pre qualified for a mortgage?
Give me a call. Travis Straw 801-231-7949. I'd love to talk about why Utah ranks second for states friendly to first time home buyers
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