EDGEhomes Blog

Sep 20

The Best Large Metro Areas for Homeownership


NerdWallet, a consumer advocacy website, recently conducted a study to find the best places for homeownership in the United States – and Salt Lake City placed in the top 5.

As renting becomes less and less affordable, NerdWallet wanted to give potential homebuyers a look at the current housing market. The study based its rankings on the following criteria:

• Homeownership rate

• Monthly homeowner costs

• Monthly household income

• Population growth

NerdWallet ranked Salt Lake City as the third best large metropolitan area in the country for homeownership. The area has a homeownership rate of 67.5 percent, and median monthly homeowner costs are $1,527. The Salt Lake City metropolitan area grew by 1.4 percent between 2011 and 2012.

“Those looking for a place to call home should strongly consider Salt Lake City,” said NerdWallet analyst Jaime Ortiz. “The area’s beautiful natural surroundings and the fact that homeowners spend less than a third of their monthly income on homeowner costs make Salt Lake City an excellent choice for homeowners.”

* DISCLAIMER: The figures shown represent monthly principal & interest payments only. Monthly taxes, home owners insurance, and Mortgage Insurance are not included in this amount. These figures are based on a Conventional mortgage loan with a 5% down payment and are based on a 700 credit score. These are estimates only and not guaranteed payment amounts.

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