1. Definition: The percentage of a median family’s income required to make mortgage payments (principal and interest) on a median priced home.
Unprecedented interest rates, low mortgage rates as well as the first-time buyer tax credit continue to contribute to improving affordability conditions. In fact, if they got any lower the government would have to pay you to own a home, and I think we could all agree that isn’t going to happen.
The median mortgage payment (principal and interest) in 2011 consumed less than 14% of family income in comparison to the historical average of 22.1%. This is the lowest it’s been since recorded time.
So if 2009 was considered the golden age of affordability does 2012 represent the platinum age?
The median priced home in Salt Lake County for 2011 was $179,900. This means that a mortgage with a 4% interest rate would make the principal and interest portion of the payment $858.87. Now, how much are you paying for rent? So, who do you know who is thinking about buying a home, and doesn’t want to kick themselves in another year saying “woulda, coulda, shoulda….didn’t”?
Whether it is you doing a home search or someone you know, we have a wonderful new search site with a focus on PHOTOS, PHOTOS, PHOTOS! Check it out, have fun, and save favorites. Home buying should be fun and we want you to HAVE A BLAST! And as always you can can contact me directly by calling 801-859-7509 or email josh@servingsaltlake.info.
Comments(0)