No body does more to sell your home!
From national parks and mountains to resorts, lakes, and gardens, it’s pretty apparent how beautiful Utah is. With Bryce Canyon, Arches National Park, The Narrows, Angels Landing, and even the Zion Canyon Scenic Drive, it makes it hard not to appreciate the unique rock formations and eclectic wildlife and plant life Utah has to offer. Read more
According to Freddie Mac’s Multi-Indicator Market Index (MiMi), Utah’s housing market is ranked #3 in the country thanks to three indicators in the index.
The three positive indicators in Utah are:
- The high number of purchase applications
- A high percentage of home owners who are current on their mortgage.
- And high employment rates
Utah falls short in “payment-to-income” relative to the national average.
The MiMi indicates that Utah’s housing market is roughly the same as it was in late 2003.
A study issued by the Federal reserve in September of 2014 found that the mean home owner net worth is $764,600. while the mean Renter net worth was only $61, 300, less than one twelfth of the home owner.
The study also included the median net worth of home owners vs. non-home owners and the difference is even more dramatic. The median home owner net worth, in 2013, was $195,400, while the median Renter net worth was $5,400. By this measurement standard the home owners net worth is over 36 times greater than that of a non-home owner.
Referrencing home ownership and wealth creation the New York Times editorial says it best.
“Homeownership long has been central to Americans’ ability to amass wealth; even with the substantial decline in wealth after the housing bust, the net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth.”
The New York Times also included a nifty little analyzer designed to help you answer the question, is it better to buy or rent?
If you would like to start building your net worth and become a home owner, sit down with an agent from John & Shannon Manning’s team who can explain the benefits of signing a real estate contract to purchase a home rather than signing a lease.
John Manning 801-979-9229
Shannon Manning 801-979-8539
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