Quote:
Originally Posted by StevenF
I feel this. Me, my wife, and 4 kids live with my aging mother. We have spent the past 3 years getting our bills in control and paying off debts. 3 years ago my wife and I were seriously thinking of buying my mom's home and at that time it was worth $200-230k. Now it would most likely sell for over $350,000. Even with a reduced-priced based on my inheritance being subtracted(youngest of 9 children) from the purchase price I can no longer afford to buy the home. I have been priced out of the housing market in Utah.
Now that our finances are much much better we are seriously looking into buying another home but this time it will be out of the state of Utah. I was born in Utah and love its beauty and all the things I can do here but it is no longer home to me or to my wife.
With me leaving the state, it doesn't take any of the stress off the rental market since I don't currently rent a home or an apartment in the Salt Lake Valley.
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Ah dude, that sucks. My brother and sister-in-law can only afford a place in Magna because they rent a 100-year-old Copperton move-on house from my Dad which has 1.5 bedrooms. Family discounted rent.
What they found was when they could only qualify for $225k, houses went for $275k. Now with a few pay raises, two jobs and debt reduction they qualify for $275k but everything is at least $325k. Even in Magna. It's either move to Tooele or don't buy. So they just keep renting from my dad. Thank heavens for that.
The shortage means as wages increase, more dollars are chasing the same houses— not nearly enough. It's really sad to watch. And partly why I left Utah. If I can't afford to buy *anyplace*, I may as well be a squatting with relatives (nonagenarian elder care) in a place with palm trees.
I remember the Salt Lake Chamber used to run an ad spot on KSL radio which ended with, "... this is what's RIGHT with Utah." These days I look at out of control housing costs and say to myself, "...this is what's WRONG with Utah."