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?
Just to point out, everyone else is talking about detached single family homes. The person from Vancouver gave a tiny apartment and it’s still worth nearly half a million.
The cheapest detached home for sale is $1,350,000, and it’s about as far away from downtown you can get while still being in the city of Vancouver.
Vancouver’s housing is out of control.
Has that “absentee owner” law (or whatever the name is) taken effect yet? Do you think it will help?
Nothing will help unless they ban the ability to own multiple properties. Policies such as the empty homes one have intentional loopholes