Can I even afford a house in Utah? Yes, but it’s getting harder!
0:00 – Introduction
1:52 – Storytime with Tyler – There’s an Affordability “CRISIS” in Utah! Is there? If you own property, you are relatively unaffected because your equity is increasing rapidly. The $7000 / month gains we talked about in the economics episode are going into your pocket. The problem is if you don’t own property.
3:34 – Our cities are growing into a high-density metropolis. There’s limited space, which means higher-density living is becoming the norm — whether you want it to be or not.
4:50 – Story time with Aric. His choices were Las Vegas, Nevada; Utah; or Sacramento, CA. Las Vegas didn’t offer any land — there wasn’t space. Aric chose to move to somewhere where he could have a job he could work out, and buy a house with land.
6:25 – What is a starter home? If you’re looking for a 5-bedroom, .5 acre lot…you’re doing the “starter home” thing wrong.
7:20 – “Future-Associability” is assigning yesteryear’s values with today’s features. When people buy a house, they mark that time and price, and that becomes the standard in their mind. Then, they tell their kids 20 years later that the price of a home should be the same, but things have changed!
8:06 – How much does a burger cost in Disneyland? It costs way more than outside the park, and people are WILLING to pay it because of the disadvantage of having to leave to spend less. Utah is our own little contained theme park, and when it comes to housing, you’re going to pay more to “stay inside” a certain area. In Utah, we now have to build “up” instead of “out” because we’re running out of land.
10:29 – If you want to identify a major contributor to the affordability crisis in Utah, just trot on over to your local city council, where there’s a good chance they’re talking about affordable house. Everyone votes “Not in my back yard” for affordable housing while complaining about the price of homes! People, you’re voting no on the things that would make it more affordable!
11:15 – How do we deal with affordability? 1) Get on the moving train. Convert your dollars into something that keeps pace with inflation. Let that thing carry you into your next home. 2) Buy at the edge of their capability. Ratios and history tell us that you’ll be better off. 3) Purchase outside urban centers. 4) Complaining won’t help. 5) Recognize the affordability crisis is really only a crisis for renters. 6) Think outside the box – get a partner to buy with you, for example. Talk to knowledgeable agents and lenders who will help you buy differently. 7) Accept less, seriously. Buy a real starter home. 8) Parents, teach your kids what a starter home is and help them understand today’s market.
15:51 – What’d we learn today?
17:46 – Bloopers
* No housing affordability was harmed in the making of this video.
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Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.