The consumer advocacy website, NerdWallet, recently held a study to find the best places for home ownership in the U.S.and Salt Lake City placed in the top 5 of large metro areas!
As renting becomes less and less affordable, NerdWallet wanted to give potential home buyers a look at the current housing market. The study based its rankings on home ownership rate, monthly homeowner costs, monthly household income and population growth.
NerdWallet ranked Salt Lake City as the third best large metropolitan area in the country for home ownership. The area has a home ownership 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.”
Ogden-Clearfield ranked #2 and Provo-Orem ranked #3 in the medium-sized metro areas.