In Utah County the cheapest “House” for sale is 600 square feet, 2 bed, 1 bath, at $300k.

So at current interest rate it would be $1,800 a month mortgage(assuming you put the 60k down payment! A decent amount more if you do 3% down.)

The cheapest condo/town in utah valley is 205k, 1,100 square feet, on a 400 square foot lot. But due to a $500 HOA fee the monthly cost is still 1,700 a month (assuming 20% down).

With 3.5% down they’d both be closer to 2.1k +PIMI.

So yeah, how is where you live doing?

  • bobbyfiend@lemmy.ml
    4·
    10 months ago

    Has that “absentee owner” law (or whatever the name is) taken effect yet? Do you think it will help?

    • rab@lemmy.ca
      5·
      10 months ago

      Nothing will help unless they ban the ability to own multiple properties. Policies such as the empty homes one have intentional loopholes

    • TSG_Asmodeus (he, him)@lemmy.worldEnglish
      2·
      10 months ago

      The current government is trying to add things fairly quickly, the absentee owner law is in effect, and they did just add another 20% ‘flipper’ tax. As mentioned though, people still own way too many houses. My current landlord owns 7.

      • The Dark Lord ☑️@lemmy.ca
        2·
        10 months ago

        To add to this, they’re banning mass AirBNB rentals which should help. But yes, banning ownership of more than 2 properties would surely help most.