The Best Large Metro Areas for Homeownership
SALT LAKE EARNS TOP SPOT IN BEST PLACES 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.”