In Utah County the cheapest “House” for sale is 600 square feet, 2 bed, 1 bath, at $300k.

So at current interest rate it would be $1,800 a month mortgage(assuming you put the 60k down payment! A decent amount more if you do 3% down.)

The cheapest condo/town in utah valley is 205k, 1,100 square feet, on a 400 square foot lot. But due to a $500 HOA fee the monthly cost is still 1,700 a month (assuming 20% down).

With 3.5% down they’d both be closer to 2.1k +PIMI.

So yeah, how is where you live doing?

  • ericbomb@lemmy.worldOP
    link
    fedilink
    arrow-up
    19
    ·
    8 months ago

    For more fun, calculate how much money you would have to make to meet the rule of having your mortgage only cost 30% of your take home pay!

    To buy a home with a 2k mortgage and keep that rule, you’d need a TAKE HOME pay of nearly 80k, so easily needing 6 figures gross pay to afford these two homes while still keeping this rule.

      • ericbomb@lemmy.worldOP
        link
        fedilink
        arrow-up
        11
        ·
        8 months ago

        I’m not saying I would kill to have my mortgage be 16% of my take home pay.

        But if the military could guarantee it, id consider it.