So I thought I’d see how that applies to Utah. Most two bedroom apartments in Salt Lake City rent for around $800 a month, which will buy you a $140,000 house.
Now I know what you’re saying: “Ben, where is anyone going to find a house for $140,000 in Utah?”
Good question. So I consulted the Multiple Listing Service (MLS) to see if there were homes and condos to be had in that price range, and here is what I came-up with:
Salt Lake County: 1,582
Utah County: 720
Davis County: 354
Weber County: 882
Sure, all of these aren’t going to be brand new house, and some may require some repair here and there, but if they pass an FHA inspection and you could own for the price of renting and get a mortgage interest deduction at the end of the year than why wouldn’t you do it? With over 3,700 homes for sale under $140,000 along the Wasatch Front you’re bound to find at least one that is just what you’re looking for.
And if having the down payment is a challenge, most major cities and counties have grants available for first time home buyers or individuals and families that have not owned a house in the past three (3) years.
Read more here:: Is Buying a home really cheaper than renting Today?