For those who can qualify, housing is still relatively affordable in Salt Lake County. According to the US Census Bureau, the medium household income in Salt Lake County in 2014 is $62,672. Assuming a household with medium income devotes 30% of their income to a mortage payment (including taxes and insurance) that household can carry a mortage of about $290,000. In 2015 56 percent of family homes sold in the county were placed under $290,000 for a housing opportunity index of 53. An opportunity index number below 50 indicates less affordability; above 50 indicates more affordability. Overall, the local housing market, despite the rebound in prices, is not overvailued. There is still room for moderate increases provided mortage rates increases are incremental and gradual. Mortage rates forecast from another organization shows a concensus 2016 forecast of rates moving between 4 and 5 percent with a firm ceiling at 5 percent. In 2016, homebuyers will continue to enjoy some of the lowest mortage rates in the past 45 years.
Presented by James Wood, Ivory-Boyer Fellow, University of Utah
Shauna Quick
Realtor
Exit Realty Success
801-550-4419
www.shaunaqsellshomes.com
shaunaqsellshomes@gmail.com
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