![]() ![]() ![]() We are currently down tens of thousands of units to meet the demand of not just home buyers, but also renters. That drastic increase pushes out many first-time buyers who can't qualify for the higher payment. The payment on a mortgage of $500,000 has gone up almost $400 in just a year-principal, interest, taxes and insurance-from around $2,700 a month at 3.5% interest to almost $3,100 at 5%. If you had purchased a home in 2021, your mortgage rate would have been in the high 3% to low 4% rate. All this bad news adds up to everyone having a lot less take-home pay at the end of the month. Meat, poultry, fish and egg prices are up 13% in the past 12 months fruits and veggies are up 7.6%, gas prices are up 8%. ![]() From February 2021 to February 2022, that rate jumped to 7.9%-the highest since 1982. Just before the pandemic in 2019, the annual inflation rate in the U.S. You probably know that gas prices are insane right now and food prices just keep going up. reports the average home price in Reno, Nevado, is $555,000 and $406,000 in Las Vegas. Sixty-seven percent would mean that 2.25 million of our neighbors can't afford to live in this state.īut where can you afford a home? Zillow estimates that homes in Boise, Idaho, cost an average $534,806 and in Phoenix, Arizona, it's $404,000. Census Bureau reported our statewide population at 3.36 million people in 2022. Gardner Policy Institute estimate that 67% of Utahns can't afford a median-priced single family home. The researchers at the University's Kem C. Home prices in February have shot up in Salt Lake County by a whopping 23% over last year, with Utah County coming in at a record high of 30% in 12 months, Davis County up 25%, Weber County up 26% and Tooele County beating out all other areas by coming in at an increase of 43%. For those hoping that the crazy housing market is just a bubble about to pop, the news is bad. ![]()
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