Prospective homeowners are struggling to find affordable housing in Salt Lake City.
After years of sluggish growth, rising property values are quickly pricing millennials and young families out of the market. A Trulia.com study found that there are fewer ‘starter homes’ available for first time homebuyers than there were in 2012.
The study references cities across the country, but Salt Lake City has lost the highest percentage of starter homes. Although Utah’s housing boom has brought opportunities for real estate investors and established professionals, it has also made homeownership more difficult for those with low to moderate income. San Antonio, Austin, San Diego, and Nashville have also had a sharp increase in home prices.
First time homebuyers who want to buy property in Salt Lake City should move quickly. Utah property values are projected to rise, and interest will continue to grow.
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This news summary contains excerpts from the MarketWatch article dated March 23rd, 2016