MONEY
New data shows income needed to affordably buy a home doubled in the last two years
SALT LAKE CITY — New data from Zillow found that in order to buy an average home in Salt Lake City, you’d need to earn $55,834 per year in 2020. If you bought the same home this year it would take an income of $107,178.
The data shows a 98% increase in salary requirements in order to afford a typical Salt Lake home.
The jump in income required to make mortgage payments affordable makes Salt Lake the 15th largest increase in the nation.
Axios reported that the median income for Salt Lake County residents is between $40,000 to $50,000. So even a two-income household would not be able to afford the average house.
Zillow calculated their data assuming the ideal of spending no more than 30% of monthly income on a mortgage and that a 20% down payment was paid to get the best mortgage rates.
Learn more about home buying in this episode of Money Making Sense:
Today’s Top Stories
Utah is the 10th most active state in the country, according to study
Officer Jared Jensen, Clinton City Police Department
Payson Police Department warns of new scam targeting older adults
SLC School District defends online-only classes after remarks by Lt. Gov.
Drought, pandemic affect Utah farmers and hay exports
Planned execution of Native American man stirs emotion within tribe
Family of slain couple angry after Utah County death penalty decision
Family says linebacker at Dixie State died from low sodium
Church, state lawmaker, at odds over Catholic confessional bill
Someone ate a $120,000 banana that an artist had taped to a wall
