Get ready for a real estate tsunami—two of 'em, in fact. America's largest-ever generations, millennials
and baby boomers, are entering their prime home-buying years at the same time!
Median list price: $377,500
Share of buyers aged 35 and younger: 51% In recent years, Provo's cultivated a growing startup and tech scene. But despite all of the growth in this city situated between Utah Lake and snow-capped Provo Peak, it's still relatively affordable compared with other big tech destinations.
The price tag here might sound a little high, but homes go for a median $393,000 in Salt Lake City, about 45 minutes north of Provo. The typical down payment here is just 6%, a much lower barrier for younger buyers than other higher-priced cities.
Provo also boasts a down payment assistance program for first-time home buyers,which includes assistance of up to $10,000. The city makes them put down at least $1,000, and they must repay half of that amount if they sell the home within their first two years of ownership.
Completing a Loan Pre-Qualification you'll be on your way to locking in your interest rate and giving assurance to prospective sellers that you mean business. Pre-qualification is easy and can be done via email or over the phone by speaking to George Andersen at 801 550-1382.
Many of these young professionals are buying starter homes in suburban neighborhoods such as Cedar Hills, where there are lots of family-friendly ranch homes. These homes are usually under 2,000 square feet, so they're substantially cheaper than their larger counterparts nearby.
To find the top places for buying a starter home, we factored in these criteria**:
- Percentage of home buyers aged 35 and younger
- Percentage of typically more affordable homes under 2,000 square feet
- Median down payment (the lower, the better)
- Median mortgage borrower's FICO score (the lower, the better)
- Percentage of income of those aged 35 and younger going toward median monthly housing costs
So let's start out by taking a tour of the top spots for folks leaping into homeownership for the first time.
For a more information, there’s no substitute for the expertise of a Realtor® like Carriene Porter @ Precision Realty & Associates LLC.com, who has access to a vast database of information with recently listed and recent sold to help you home in. CALL Today 801-809-9866.
#Mortgage #UtahRealEstate #Selling #Buying
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