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2017-03-03 13:33:48
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.

Bankrate said:

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.

 

Rank State Total score Housing affordability Job market for young adults Housing market tightness Credit availability Homeownership among millennials
1 Iowa 40.32 10.00 7.55 5.60 7.53 9.64
2 Utah 40.16 6.55 9.33 5.88 8.85 9.55
3 Minnesota 39.60 8.66 7.85 3.75 9.34 10.00
4 Kansas 38.11 8.18 7.67 7.02 8.33 6.91
5 Missouri 38.10 8.71 6.01 8.26 7.67 7.45
6 North Dakota 37.66 8.39 10.00 4.14 8.31 6.82
7 South Dakota 37.50 8.21 9.48 2.31 8.73 8.77
8 Wyoming 36.91 7.94 7.70 4.59 8.12 8.57
9 Vermont 36.34 8.51 7.82 8.55 6.00 5.46
10 Nebraska 36.33 9.68 8.71 1.65 8.95 7.33

Housing Affordability

The article states that affordability was the key issue for making a buying decission & 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.

Credit Options

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.

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. Gordon Group1 Real Estate 801-567-0946.

 
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