First time home buyers should consider Utah for their very own property, as the state has the second best attractive residential real estate market in the U.S., according to a study.
The study ranked the state behind Iowa regarding affordable housing, employment prospects for young adults, the number of available homes and credit, and the homeownership rate for people aged 35 years old and below.
Conversely, you should avoid California as your choice for buying your first house. That’s because the study tagged the state as the most expensive for first-time buyers.
Buying your first house is both an overwhelming task and a significant milestone in your life. While not everyone can readily pay cash to buy properties, other funding resources can help you in finally owning your place.
Housing loans are some of the alternative options when you are unable to save enough cash on hand for a property. Thanks to the state’s stable economy and an improving job market among other factors, you’ll notice that lending companies offering the lowest mortgage rates in Utah are also at the bottom range in comparison with interest rates nationwide.
If you’re already settled in buying a house in Utah using a mortgage loan, take note of how your credit score will affect your chances of approval. One way to make sure that your credit score remains attractive involves checking for potential mistakes that can negatively affect your number.
Another way to improve it is to consult with a credit counselor to know how to rebuild your credit worthiness, especially if you’re trying to repair a poor one.
While other states provide similarly affordable homes, Utah’s status as the second most affordable state for first-time buyers will not likely fade soon, as demand for homes continues to drive the industry to produce more supply.