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?

  • The Dark Lord ☑️@lemmy.ca
    30·
    10 months ago

    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.

    • bobbyfiend@lemmy.ml
      4·
      10 months ago

      Has that “absentee owner” law (or whatever the name is) taken effect yet? Do you think it will help?

      • TSG_Asmodeus (he, him)@lemmy.worldEnglish
        2·
        10 months ago

        The current government is trying to add things fairly quickly, the absentee owner law is in effect, and they did just add another 20% ‘flipper’ tax. As mentioned though, people still own way too many houses. My current landlord owns 7.

        • The Dark Lord ☑️@lemmy.ca
          2·
          10 months ago

          To add to this, they’re banning mass AirBNB rentals which should help. But yes, banning ownership of more than 2 properties would surely help most.

    • TSG_Asmodeus (he, him)@lemmy.worldEnglish
      1·
      10 months ago

      Just wanted to quickly point out - there’s likely nothing for 1.35 million in Vancouver. There are in greater Vancouver though.

      And yes, 100% out of control.