A recent study found making a monthly rent payment in the the Salt Lake metro area is a lot cheaper than making a monthly mortgage payment.
by Cristina Flores, KUTVFILE - Salt Lake City This confirms the leap from renter to homeowner will take longer for many aspiring homebuyers., the typical rent in the city averages around $1,700 per month, while a typical mortgage sits at approximately $3,100. This stark contrast amounts to roughly an 89 percent difference on a monthly basis.
"There are a lot of people who have flooded into the Salt Lake City metro area, and that in turn has created a lot of demand. Unfortunately, there are not enough homes to meet that demand," she said. Bitton's organization urges for reforms in zoning laws to facilitate the construction of diverse housing options to meet the needs of Utahns with different budgets."It's very important we expand the types of houses being constructed. That includes things like ADUs or smaller homes, townhomes, condos," he said.
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