Housing Affordability: Where Can You Find It In Utah?

We’re in a unique situation in our lives right now. We’re one of the few couples or families not currently making mortgage payments (or rent). Years ago, we decided to pay extra toward our monthly mortgage. I had heard that paying an additional $50 a month could take years off the life of a loan. Honestly, I didn’t believe it.

I should have.

We ended up paying off our loan several years before it was scheduled to end. That was a pretty great feeling.

I bring this up because, to be honest, I’m not sure I’d want to jump back into the home-buying game right now. We’ve all seen what’s happened to home prices over the last several years. Interest rates have also been a major reason many people have decided to stay on the sidelines when it comes to entering the housing market. (For some perspective, when we got our mortgage years ago, we locked in at 7.25%—and we thought we were getting a deal!)

If you're wondering where you can still get a good deal on a place to live here in the Beehive State, SmartAsset has done some calculating for you. According to their findings, there are still a few places in Utah where you can get into a home at a relatively reasonable price.

How Did They Come Up With The Numbers

In their analysis, SmartAsset considered closing costs, annual property tax, mortgage costs, and median income for each area. By combining all of this data, they developed an “affordability index.”

So, where do the numbers work out best for housing affordability in Utah? If you were hoping it was here in southern Utah, I’m afraid that’s not the case.

Richfield, located in the central part of the state, had the best affordability index overall.

Read More: How Many Dogs Can You Have At Home In Utah?

That said, there were some positives for our area. Cedar City ranked seventh-lowest for annual mortgage payment costs and third-lowest for property tax costs. It also placed in the top ten for lowest closing costs. As for homeowners insurance, St. George had the second-lowest annual cost, and Cedar City came in fifth.

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I know—we all wish these costs would come down. And who knows what the future holds? But if you're willing to do a little research, there are still some good housing deals to be found in Utah.