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Home Mortgage Rates in Utah

Glen Canyon.

Home to five national parks, picturesque scenery, a culturally diverse landscape, and year-round recreational activities, it's no wonder the state of Utah is a popular destination to travel to and live in.

The 45th state is currently the 31st most populous in the nation with almost three million people residing here. In 2012, Utah ranked fourth in overall well-being in the nation, and this trend has continued. Utah is a culturally diverse state, and there is a large LDS Mormon community, and Utah is thought of as being a haven for the LGBT community and their supporters.

People move to Utah for the excellent education opportunities such as Brigman Young University and the University of Utah. Additionally, in a 2017 study, Utah was ranked as the ninth safest state in the nation, and this makes it an excellent place to move and raise your family. Utah's economy ranked as the highest in the nation for the best economic growth in 2013 and 2014.

There are two primary reasons people move out of Utah, and they were highlighted in a 2017 survey. Residents were concerned about the air quality due to the rapidly expanding population, and low wages.

Current Real Estate Trends

Utah's real estate market is on fire, and this is driving home costs up at a rapid rate. Over the last five years, the median housing prices shot up from $190,000 to $280,000, and this is higher than before the housing market crashed. Before the housing market crash, Utah's median home price was right around $250,000.

Since the early 2000s, Utah's real estate market had steady increases each year until they peaked in 2007. Once the housing crisis hit, housing prices in Utah began to fall, bottoming out in 2012. They began to recover, and currently, Utah's supply in demand is driving their housing prices up past where they were at their peak in 2007-2008.

A large part of the skyrocketing real estate prices is an influx of Millennials moving to Utah and purchasing a property. A study showed that Utah as the second-highest level of home ownership by the Millennial generation in the nation, and in 2016 Utah was as one of the top places in the country where young people are moving to due to the excellent economic outlook. Homeownership rate across the state have remained above 68% every year since 1984.

Historical Real Estate Trends

From the period of 1990 to the start of 1999, Utah saw a steady increase in home ownership with a slight decline in late 1999 and early 2000. It recovered and kept steadily increasing until late 2004. The number of people purchasing homes at the end of 2004 to early 2005 saw the beginning of a steep increase in more and more people purchasing homes. This increase of people purchasing homes peaked at the end of 2007 and early 2008; then housing prices began to fall. Housing prices hit bottom in 2011, and it showed a steady increase until 2013 when housing prices began to skyrocket again. Currently, the real estate market is in high demand.

Utah's largest city, Salt Lake City saw a similar pattern both pre and post housing crash. In late 2007, Salt Lake City reached its peak levels for home ownership before the housing prices began to decline. There was a brief period in 2010 when the number of people purchasing homes increased, but that fell again until it hit bottom in 2011. Since 2011, there has been a steady increase until 2015 when the market began to increase rapidly. Currently, Salt Lake City has a very hot real estate market.

Despite this hot real estate market, the cost of living is also rising in Utah. When you combine this with the higher cost of real estate and the lower wages, it makes sense that residents are working harder to sustain themselves. With housing prices skyrocketing, this also makes rent costs rise as well as more people are forced to rent until they can buy. All of these factors contribute to the higher cost of living Utah is experiencing.

Utah Living Costs

Cost of Living Utah United States
Overall 104 100
Grocery 96.9 100
Health 91 100
Housing 122 100
Miscellaneous 99 100
Transportation 96 100
Utilities 87 100

There are two reasons why Utah's median home values vary considerably against the nationwide median home price:

  • First, median home values tend to be higher in higher income cities such as Draper and Salt Lake City because residents who live here tend to have lower income demand elasticties for well-built homes in nicely situated areas. This is the case because most residents in these cities can afford to pay higher prices for nice homes. This has pushed the price prices in communities in resort towns like Draper and Salt Lake City well above the national average median price.
  • On the other hand, blue collar communities such as Logan and Ogden tend to have lower than average median home prices. This is the case because residents tend to have lower per-capita incomes and a lower cost of living than their higher priced counterparts.

Places to Live

Metropolitan Areas

UT Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 48 Salt Lake City 1,186,187 1,087,873 98,314 9.04%
2 85 Ogden-Clearfield 654,417 597,159 57,258 9.59%
3 92 Provo-Orem 603,309 526,810 76,499 14.52%
4 260 St. George 160,245 138,115 22,130 16.02%
5 304 Logan, UT-ID Metro Area 136,159 125,442 10,717 8.54%
6 594 Cedar City 49,937 46,163 3,774 8.18%
7 691 Summit Park 40,307 36,324 3,983 10.97%
8 749 Vernal 36,373 32,588 3,785 11.61%
9 811 Heber 30,528 23,530 6,998 29.74%
10 904 Price 20,399 21,403 -1,004 -4.69%

Popular Cities in Utah

Utah has several gorgeous cities, and the majority of the population is spread over the Salt Lake Basin. We'll talk about several of the largest cities and their suburbs, along with their demographics and the median housing costs.

Many of Utah's most populated cities are holy places for the Mormon Church. Utah is one of the Mormon Church's cultural and spiritual bases. As a result, two of Utah's biggest cities are important symbols for people of the Mormon faith. These cities are Salt Lake City and Provo.

Furthermore, much of the state is rural and Utah's most populated cities also tend to suburbs of Salt Lake City. Two of Utah's most populated cities are suburbs of Salt Lake City. West Valley City and West Jordan are located within 30 minutes of Salt Lake City. These cities have also enjoyed growth as newcomers from Salt Lake City and the surrounding area have taken advantage of lower taxes and lower home prices.

Salt Lake City

Salt Lake City Skyline.

Salt Lake City is the capital of the state of Utah and the most populous city in the state with 197,344 residents. Salt Lake City sits in Salt Lake County, and this metropolitan area has a population of 1,170,270 as of 2014. This city has one of the youngest populations in the nation, with the average person being just over 27 years old. With its multitude of outdoor and recreational activities, along with the large festivals that take place here every year, it's easy to see why this city draws younger residents. Many people of the Mormon faith have moved to Salt Lake City to take advantage of the social resources that are available there.

Salt Lake City has a very strong economy with job growth predicted to rise over 40% in the next ten years, at a rate of just over 2% per year. There is a median household income of $45,833, and the total income per capita is $28,428 annually. The unemployment rate is also below the national average, and it is projected to drop even further in the coming decade.

This city has a semi-arid climate that is characterized by long, hot summers and cold, snowy winters. During the winter, Salt Lake City sees around 60 inches of snow each year from November until the middle of April. In mid-winter, strong areas of high-pressure systems sit over the basin, and this can cause some of the worst smog and air pollution in the nation. During the summer, the temperature fluctuates between 90 degrees Fahrenheit and mid-50s.

There are dozens of attractions to see in this city, and the festivals draw thousands of people each year. The Sundance Film Festival had over 46,000 attendees in 2016, making it the largest independent film festival in the nation. In 2002, Salt Lake City hosted the Olympics, and today the Olympic Stadium is open to public tours. Finally, you can visit the Great Salt Lake which is two to five times saltier than the oceans, and there are year-round recreational activities to enjoy as well.

Pro basketball fans can watch Jazz games downtown.

If you want access to top-rated colleges and universities, Salt Lake City has some of the top-ranked schools in the nation. Brigman Young University has an educational center in the city, and The Art Institute of Salt Lake City is located here. There are also several smaller community colleges for technical degrees for students to attend.

One of the biggest employers in Salt Lake City is Intermountain Healthcare Medical Center with over 1,400 employees. Additionally, tech giant Adobe opened its doors in 2012 and it currently employs 1,260 people. There are also dozens of people employed at the county level, and there are several other hospitals in the city with large employee rosters.

Salt Lake City has a median home price of $292,000, and this is an 8.15% increase over the past year. Home prices are predicted to rise another 2% in the coming year. The average price per square foot for a home in this city is $261, and this is a higher price than the Salt Lake City Metro's price of $184 per square foot. Finally, the median rent price in this city is $1,595 with the metro area's median rent levels being $1,525.

Suburbs of Salt Lake City

Great Salt Lake.

West Valley City

West Valley City is a suburb of Salt Lake City, and it had a population of 133,000 people as of 2013 & 136,574 people in 2016. This population makes it the second-largest city in the state of Utah. This city's population continues to grow, and the economy is strong. There are several companies that are based in West Valley City, and they contribute to the rising population. The companies Backcountry and CR England are located here. The median home price is $222,4920, with the price per square foot being $173. This is a growth of 9.6% over the past year, and there is a projected growth of 2.8% in the coming year. Additionally, the median rent for this city is right around $1,450, and all of these numbers are below the Salt Lake Metro area totals.

As a suburb of Salt Lake City, West Valley City is taking advantage of rapid growth along the western and southwestern ends of the Salt Lake Valley region. This growth has been made possible due to a lower cost of living and a younger work force who is taking advantage of growth in the technology industry.

West Jordan

The city of West Jordan is also a suburb of Salt Lake City, and it has a population of 113,699 people. This is a rapidly growing suburb with a strong economy, and it is the fourth most populous city in Utah. The city is dominated by four large retail centers and Jordan Landing was named one of the largest mixed-retail developments in the western part of the nation that brings in over $500,000 in annual revenue. The Mountain American Credit Union and the Jordan School District are also large employers. The median home price in this city is $231,600, and the price per square foot is $165. The real estate market in this area is hot, and it has risen 6.6% in the past year with a projected rise of 2.8% in the next year. Despite this, the average price per foot is still lower than the Salt Lake City Metro area.

Sandy

The city of Sandy is s suburb of Salt Lake City, and it has a population of 95,836 people. This population makes Sandy the sixth-largest city in the state of Utah. Sandy's economy is steady, and it got a boost in 2014 when the city council voted to redesign the downtown area into a resort-style city center called The Cairns over the next 25 years. The largest employers in the city are the Canyon School District, which is a district that was split off of the Jordan School District with over 4,000 employees, and the medical products manufacturer Becton Dickinson with over 1,000 employees. The median home price for Sandy is $304,000 with a median price per square foot at $189. This is a 6.5% increase over the past year with a projected 2.1% increase in the coming year. These prices put the Sandy area higher than the Salt Lake City Metro.

Orem

The city of Orem is a larger suburb of Salt Lake City with a population of 97,499. Orem is part of the larger Provo-Orem Metropolitan area, and that has a population of 526,804 people. It is the fifth-largest city in Utah. This city has the slogan of ‘Family City USA,' and in 2010 Forbes ranked Orem as the fifth best city to raise a family in the nation. This ranking came, in part, to the youthful population you find in this city. It is an excellent place to live for spiritual well-being because of the high number of churches and church members, and there are excellent education opportunities ranging from sixteen elementary schools and three middle and high schools. The Utah Valley University is also located here, and it is one of the biggest employers with 1,520 employees. Other notable employers are the Alpine School District with 1,234 employees, and Adobe with 670 employees. The median home price is $212,600, and this is a growth of 6.1% over the past year, and the price per square foot is $184. While the home price is lower than in the Provo-Orem Metropolitan area as homes there are $302,627, the price per square foot is higher because the Metro's square foot prices are $166.

Ogden

Ogden Skyline.

Ogden has a population of 86,701 people, and this makes it the seventh largest city in Utah. This city is a very popular ski destination, and it has three premium ski resorts right around the city limits. There are also several museums and a few gorgeous historical attractions. Additionally, Ogden ranks as one of the best cities in the nation to raise a family.

Ogden has a strong economy with a bright outlook. In the next decade, the current job market is projected to grow over 40%. The unemployment rate is around 5% and dropping as jobs are added each year. Ogden has a younger population, and the median annual income for this area is $40,000 with the per capita income just below $20,000 per year.

The city has a dry summer continental climate that is characterized by very hot and dry summers. It isn't unnatural for highs to reach 95 degrees Fahrenheit or more during June, July, and August. From July to September, the area sees a decent amount of rain in the form of thunderstorms. The winters are cool with moderate to heavy snowfall from October to April.

There are three world-class ski resorts like ClubRec North just 20 minutes from the downtown area that provides the residents of this city with many winter recreational activities. The Historic 25th Street is lined with many shopping centers and boutiques, and there are several museums to visit. If you like trains, this city is a must see as it is home to the historic Union Station Railroad Museum.

There are several educational opportunities located in and around this city. The DaVinci Academy of Science and Arts is a top-rated K-12 charter school that focuses on the sciences and arts. The Weber State University also calls this city home, and it offers professional, technical, and liberal arts certificates.

There are several large employers in this city, and they are varied companies. The largest employer is the McKay-Dee Hospital Center with over 1,950 employees. The second-largest employer is the German-based automotive manufacturer Autoliv with around 1,550 employees.

The housing market in Ogden has rapidly begun to climb, jumping 14.4% in the past year with a projected rise of 4.4% over the next year. Currently, the median home price is $250,000, with the average price per square foot being $101. This city is part of the Ogden Metro area, and the median home price there is $285,000 with the average price per square foot around $173.

St. George

St George Temple.

This city is the eighth most populous city in Utah with 82,318 people. This city was ranked as the fifth fastest-growing metropolitan area in the nation in 2015. This city is home to the LDS's oldest operating temple in the world, the St. George Temple. Additionally, St. George is a very family-friendly city with dozens of attractions and museums that are family-oriented. There are also many hiking trails, parks, and outdoor recreational activities to do year round.

This city relies heavily on the tourism trade because Zion National Park, Grand Canyon National Park, and the Bryce Canyon National Park are very close by, and they draw thousands of tourists each year. When you combine these large tourist attractions with the family-friendly atmosphere, it's easy to see why this area is thriving.

The climate of this area is classified as desert southwest, and it is significantly hotter than the rest of Utah. There are long hot summers and short cool winters. The months of June through September typically see average temperates rise to the upper 90s and lower 100s. November through March has average temperatures in the 60s with low to no snow amounts.

There are also a few large employers that help to support the local economy. SkyWest Airlines has its headquarters in St. George, and it employs over 800 people. Additionally, retail giant Walmart has a distribution center just outside the city, and it employs over 400 people. The city council and the school districts in the area also play a large part in the city's employment numbers.

There are several large universities and education centers located in this city, and there are also several K-12 schools to choose from. The Dixie State University is a four-year institution who has over 9,000 students enrolled. Also, the University of Phoenix and Stevens-Henager College have education centers in the city.

The median home price in St. George is $220,800. This price represents an increase of 6.2% over the past year, and the most prices are projected to rise over the coming year by just over 3%. The median price per square foot in this city is $160, and this ties it in price per square foot with the St. George Metro area. The median rental rate in St. George is $1,300, and this is also lower than the St. George Metro area's median rent price of $1,341.

Provo

Downtown Provo Financial District.

Provo has a population of 116,868 people, and this makes it the third-largest city in Utah. It is part of the second-largest metropolitan area in the state, the Provo-Orem Metropolitan area. In 2015, Forbes named this city as one of the ‘Best Small and Medium Sized Cities for Business and Careers.' Provo is very family-friendly, and it offers dozens of year-round events and festivals to keep the residents entertained.

This city has a huge dining culture that plays a vital role in the economy. There are over 100 restaurants, two large shopping centers, galleries, and several large companies that all help support the local economy. In 2016, it was ranked as the number one fastest growing metro for job growth in the nation.

There is an average of 222 sunny days in Provo each year, and the city has long, hot summers ranging from April until September with highs in the upper 80s. The winters are short and snowy with the average temperatures dipping to the mid-20s in December through February.

Provo has a broad range of cultural events and places to visit year-round. The Covey Center for the Arts is a huge performing arts center that shows ballets, musical performances,and plays. Additionally, Provo is home to the largest LDS Church's Missionary Training Center in the nation with 475 LDS members entering per week for training courses. Finally, there are dozens of festivals that go on year-round.

This city is home to some of the best secondary education schools in the nation. Brigham Young University is located here, and it is the third-largest private university in the nation with almost 40,000 students. As more students have enrolled at BYU, Provo has enjoyed sustained growth due to an increase in jobs in industries such as the hospitality industry that cater to college students. The Rocky Mountain University of Health Professions is also based here.

The biggest employer in Provo is Brigham Young University with over 5,000 employees. Utah Valley Regional Medical Center is the second-largest employer with 2,104 employees, and Vivint rounds of the top three largest employers with between 2,000 and 2,900 employees.

The median home price in Provo is $255,853, and it had a growth of 6.7% in the past year. With a projected growth of 0.9% in the next year, Provo's home costs are lower than the Provo-Orem Metropolitan area as the median home prices there are $302,627. The price per square foot is higher because the Metro's square foot prices are $166, while Provo's are $178.

Delicate Arch.

Utah Census Data

According to the United States Census an estimated 3,051,217 people live in the state of Utah. The state has 82,169.62 mi² of land area, which gave it a population density of 37.13 per mi². Here is a list of cities, towns & Census Designated Places across the state, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Salt Lake City Salt Lake 193,744 186,440 7,304 3.92% 111.11 1,743.71
2 West Valley City Salt Lake 136,574 129,480 7,094 5.48% 35.56 3,840.66
3 Provo Utah 116,868 112,488 4,380 3.89% 41.67 2,804.61
4 West Jordan Salt Lake 113,699 103,712 9,987 9.63% 32.46 3,502.74
5 Orem Utah 97,499 88,328 9,171 10.38% 18.29 5,330.73
6 Sandy Salt Lake 95,836 87,461 8,375 9.58% 22.87 4,190.47
7 Ogden Weber 86,701 82,825 3,876 4.68% 27.09 3,200.48
8 St. George Washington 82,318 72,897 9,421 12.92% 70.4 1,169.29
9 Layton Davis 75,655 67,311 8,344 12.40% 22 3,438.86
10 South Jordan Salt Lake 69,034 50,418 18,616 36.92% 22.05 3,130.79
11 Lehi Utah 61,130 47,407 13,723 28.95% 26.34 2,320.80
12 Taylorsville Salt Lake 60,436 58,652 1,784 3.04% 10.85 5,570.14
Millcreek CDP Salt Lake 60,119 62,139 -2,020 -3.25% 13.65 4,404.32
13 Logan Cache 50,676 48,174 2,502 5.19% 17.94 2,824.75
14 Murray Salt Lake 49,230 46,746 2,484 5.31% 12.29 4,005.70
15 Draper Salt Lake & Utah 47,328 42,274 5,054 11.96% 30.08 1,573.40
16 Bountiful Davis 44,078 42,552 1,526 3.59% 13.45 3,277.17
17 Riverton Salt Lake 42,838 38,753 4,085 10.54% 12.63 3,391.77
18 Spanish Fork Utah 38,861 34,691 4,170 12.02% 15.39 2,525.08
19 Pleasant Grove Utah 38,756 33,509 5,247 15.66% 9.17 4,226.39
20 Roy Weber 38,201 36,884 1,317 3.57% 7.92 4,823.36
Kearns CDP Salt Lake 36,530 35,731 799 2.24% 4.63 7,889.85
21 Herriman Salt Lake 35,385 21,785 13,600 62.43% 20.27 1,745.68
22 Cottonwood Heights Salt Lake 34,285 33,433 852 2.55% 8.83 3,882.79
23 Tooele Tooele 33,762 31,605 2,157 6.82% 21.45 1,573.99
24 Springville Utah 33,044 29,466 3,578 12.14% 14.38 2,297.91
25 Midvale Salt Lake 33,035 27,964 5,071 18.13% 5.93 5,570.83
26 Kaysville Davis 31,243 27,300 3,943 14.44% 10.45 2,989.76
27 Cedar City Iron 31,223 28,857 2,366 8.20% 36.83 847.76
28 Clearfield Davis 30,855 30,112 743 2.47% 7.62 4,049.21
29 Holladay Salt Lake 30,831 26,472 4,359 16.47% 7.92 3,892.80
30 Eagle Mountain Utah 29,202 21,415 7,787 36.36% 44.46 656.82
31 American Fork Utah 28,770 26,263 2,507 9.55% 9.2 3,127.17
32 Syracuse Davis 28,407 24,331 4,076 16.75% 9.57 2,968.34
Magna CDP Salt Lake 27,451 26,505 946 3.57% 7.92 3,466.04
33 Saratoga Springs Utah 26,887 17,781 9,106 51.21% 16.61 1,618.72
34 Washington Washington 25,339 18,761 6,578 35.06% 32.86 771.12
35 South Salt Lake Salt Lake 24,630 23,617 1,013 4.29% 6.94 3,548.99
36 Farmington Davis 23,140 18,275 4,865 26.62% 9.86 2,346.86
37 Clinton Davis 21,672 20,426 1,246 6.10% 5.85 3,704.62
38 North Salt Lake Davis 20,301 16,322 3,979 24.38% 8.52 2,382.75
39 Payson Utah 19,810 18,294 1,516 8.29% 8.66 2,287.53
40 Brigham City Box Elder 18,975 17,899 1,076 6.01% 23.84 795.93
41 North Ogden Weber 18,791 17,357 1,434 8.26% 7.04 2,669.18
42 Highland Utah 18,647 15,523 3,124 20.12% 8.52 2,188.62
43 Centerville Davis 17,286 15,335 1,951 12.72% 5.98 2,890.64
44 South Ogden Weber 17,094 16,532 562 3.40% 3.69 4,632.52
45 Hurricane Washington 16,159 13,748 2,411 17.54% 51.2 315.61
46 Heber Wasatch 14,969 11,362 3,607 31.75% 8.41 1,779.90
47 West Haven Weber 12,329 10,272 2,057 20.03% 10.3 1,196.99
48 Bluffdale Salt Lake 11,809 7,598 4,211 55.42% 10.22 1,155.48
49 Woods Cross Davis 11,351 9,761 1,590 16.29% 3.88 2,925.52
50 Smithfield Cache 11,146 9,495 1,651 17.39% 4.98 2,238.15
51 Santaquin Utah & Juab 11,062 9,128 1,934 21.19% 10.39 1,064.68
52 Lindon Utah 10,939 10,070 869 8.63% 8.38 1,305.37
53 Vernal Uintah 10,681 9,089 1,592 17.52% 4.61 2,316.92
54 North Logan Cache 10,590 8,269 2,321 28.07% 6.96 1,521.55
55 West Point Davis 10,548 9,511 1,037 10.90% 7.3 1,444.93
56 Grantsville Tooele 10,459 8,893 1,566 17.61% 19.34 540.80
57 Cedar Hills Utah 10,374 9,796 578 5.90% 2.76 3,758.70
58 Alpine Utah 10,361 9,555 806 8.44% 7.42 1,396.36
59 Pleasant View Weber 9,716 7,979 1,737 21.77% 6.91 1,406.08
60 Mapleton Utah 9,512 7,979 1,533 19.21% 12.58 756.12
61 Washington Terrace Weber 9,198 9,067 131 1.44% 1.97 4,669.04
Stansbury Park CDP Tooele 8,752 5,145 3,607 70.11% 1.25 7,001.60
62 Riverdale Weber 8,710 8,426 284 3.37% 4.57 1,905.91
63 Hooper Weber 8,466 7,218 1,248 17.29% 26.88 314.96
64 Tremonton Box Elder 8,426 7,647 779 10.19% 7.8 1,080.26
65 Price Carbon 8,371 8,715 -344 -3.95% 5.07 1,651.08
66 Park City Summit & Wasatch 8,299 7,558 741 9.80% 17.57 472.34
67 Ivins Washington 8,132 6,753 1,379 20.42% 9.71 837.49
68 Hyrum Cache 8,027 7,609 418 5.49% 4.83 1,661.90
Summit Park CDP Summit 8,025 7,775 250 3.22% 15.77 508.88
69 Salem Utah 7,831 6,423 1,408 21.92% 10.17 770.01
70 Richfield Sevier 7,723 7,551 172 2.28% 5.69 1,357.29
71 Providence Cache 7,270 7,075 195 2.76% 3.79 1,918.21
72 South Weber Davis 7,196 6,051 1,145 18.92% 4.67 1,540.90
73 Ephraim Sanpete 7,072 6,135 937 15.27% 3.73 1,895.98
74 Santa Clara Washington 7,065 6,003 1,062 17.69% 5.52 1,279.89
75 Roosevelt Duchesne 6,905 6,046 859 14.21% 5.57 1,239.68
76 Farr West Weber 6,755 5,928 827 13.95% 6.04 1,118.38
77 Nibley Cache 6,747 5,438 1,309 24.07% 4.03 1,674.19
78 Enoch Iron 6,568 5,803 765 13.18% 7.21 910.96
79 Plain City Weber 6,493 5,476 1,017 18.57% 11.73 553.54
80 Harrisville Weber 6,376 5,567 809 14.53% 3.01 2,118.27
Snyderville CDP Summit 6,252 5,612 640 11.40% 10.82 577.82
81 Fruit Heights Davis 6,161 4,987 1,174 23.54% 2.27 2,714.10
82 Nephi Juab 5,784 5,389 395 7.33% 4.58 1,262.88
83 West Bountiful Davis 5,574 5,265 309 5.87% 3.25 1,715.08
White City CDP Salt Lake 5,497 5,407 90 1.66% 0.81 6,786.42
84 Moab Grand 5,242 5,046 196 3.88% 4.13 1,269.25
85 Sunset Davis 5,234 5,122 112 2.19% 1.31 3,995.42
86 Midway Wasatch 4,898 3,845 1,053 27.39% 5.24 934.73
87 Perry Box Elder 4,846 4,512 334 7.40% 8.04 602.74
88 Kanab Kane 4,526 4,312 214 4.96% 14.59 310.21
89 Hyde Park Cache 4,513 3,833 680 17.74% 3.37 1,339.17
Maeser CDP Uintah 4,260 3,601 659 18.30% 6.47 658.42
90 La Verkin Washington 4,246 4,060 186 4.58% 12.69 334.59
91 Morgan Morgan 4,154 3,687 467 12.67% 3.21 1,294.08
92 Blanding San Juan 4,036 3,375 661 19.59% 13.04 309.51
93 Vineyard Utah 3,953 139 3,814 2743.88% 4.35 908.74
Silver Summit CDP Summit 3,768 3,632 136 3.74% 16.96 222.17
94 Wellsville Cache 3,678 3,432 246 7.17% 6.6 557.27
95 Delta Millard 3,509 3,436 73 2.12% 4.64 756.25
96 Elk Ridge Utah 3,430 2,436 994 40.80% 2.68 1,279.85
97 Manti Sanpete 3,396 3,276 120 3.66% 2.15 1,579.53
98 Mount Pleasant Sanpete 3,363 3,260 103 3.16% 2.88 1,167.71
99 Gunnison Sanpete 3,325 3,285 40 1.22% 5.3 627.36
100 Beaver Beaver 3,048 3,112 -64 -2.06% 6.49 469.65
101 Parowan Iron 2,986 2,790 196 7.03% 6.66 448.35
Mountain Green CDP Morgan 2,981 2,309 672 29.10% 5.42 550.00
102 Hildale Washington 2,945 2,726 219 8.03% 2.94 1,001.70
103 Richmond Cache 2,600 2,470 130 5.26% 3.45 753.62
104 Salina Sevier 2,551 2,489 62 2.49% 6.18 412.78
105 Garland  Box Elder 2,492 2,400 92 3.83% 1.89 1,318.52
106 Fillmore Millard 2,491 2,435 56 2.30% 6.08 409.70
107 Monroe Sevier 2,321 2,256 65 2.88% 3.57 650.14
108 Monticello San Juan 2,213 1,972 241 12.22% 4.47 495.08
Erda CDP Tooele 2,181 4,642 -2,461 -53.02% 22.22 98.15
109 Naples Uintah 2,130 1,755 375 21.37% 6.6 322.73
110 Kamas Summit 2,109 1,811 298 16.45% 3.66 576.23
111 Helper Carbon 2,095 2,201 -106 -4.82% 1.75 1,197.14
South Willard CDP Box Elder 1,992 1,571 421 26.80% 5.85 340.51
112 Millville Cache 1,986 1,829 157 8.58% 2.11 941.23
113 Huntington Emery 1,975 2,129 -154 -7.23% 2.04 968.14
114 River Heights Cache 1,962 1,734 228 13.15% 0.63 3,114.29
Liberty CDP Weber 1,881 1,257 624 49.64% 5.85 321.54
Emigration Canyon CDP Salt Lake 1,838 1,567 271 17.29% 18.98 96.84
115 Enterprise Washington 1,823 1,711 112 6.55% 7.74 235.53
116 Willard Box Elder 1,812 1,772 40 2.26% 5.67 319.58
117 Lewiston Cache 1,806 1,766 40 2.27% 25.59 70.57
118 Duchesne Duchesne 1,755 1,690 65 3.85% 2.53 693.68
119 Marriott-Slaterville Weber 1,751 1,701 50 2.94% 7.18 243.87
120 Panguitch Garfield 1,665 1,520 145 9.54% 2.14 778.04
121 Mona Juab 1,662 1,547 115 7.43% 2.77 600.00
122 Oakley Summit 1,624 1,470 154 10.48% 6.88 236.05
123 Wellington Carbon 1,609 1,676 -67 -4.00% 5.13 313.65
124 East Carbon City Carbon 1,572 1,678 -106 -6.32% 12.1 129.92
Carbonville CDP Carbon 1,558 1,567 -9 -0.57% 5.56 280.22
125 Toquerville Washington 1,547 1,370 177 12.92% 15.13 102.25
Benjamin CDP Utah 1,545 1,145 400 34.93% 12.3 125.61
126 Ferron Emery 1,534 1,626 -92 -5.66% 2.14 716.82
127 Castle Dale Emery 1,528 1,630 -102 -6.26% 2.16 707.41
128 Woodland Hills Utah 1,527 1,344 183 13.62% 2.02 755.94
129 Honeyville Box Elder 1,501 1,441 60 4.16% 11.81 127.10
130 Genola Utah 1,484 1,370 114 8.32% 13.42 110.58
131 Moroni Sanpete 1,482 1,423 59 4.15% 1.07 1,385.05
132 Coalville Summit 1,457 1,363 94 6.90% 3.25 448.31
133 Centerfield Sanpete 1,416 1,367 49 3.58% 1.8 786.67
Granite CDP Salt Lake 1,414 1,932 -518 -26.81% 2.07 683.09
134 Wendover Tooele 1,407 1,400 7 0.50% 9.06 155.30
135 Mendon Cache 1,386 1,282 104 8.11% 1.25 1,108.80
136 Orangeville Emery 1,378 1,470 -92 -6.26% 1.35 1,020.74
137 Milford Beaver 1,357 1,409 -52 -3.69% 3.08 440.58
138 Francis Summit 1,347 1,077 270 25.07% 2.49 540.96
139 Uintah Weber 1,333 1,322 11 0.83% 1.06 1,257.55
140 Fairview Sanpete 1,288 1,247 41 3.29% 1.24 1,038.71
Spring Glen CDP Carbon 1,217 1126 91 8.08% 3.41 356.89
Benson CDP Cache 1,190 1485 -295 -19.87% 30.4 39.14
Oljato-Monument Valley CDP San Juan 1,151 674 477 70.77% 28.94 39.77
141 Fountain Green Sanpete 1,104 1,071 33 3.08% 1.41 782.98
142 Elwood Box Elder 1,077 1,034 43 4.16% 7.81 137.90
143 Ballard Uintah 1,071 801 270 33.71% 13.8 77.61
144 Daniel Wasatch 1,061 938 123 13.11% 3.27 324.46
145 Aurora Sevier 1,043 1,016 27 2.66% 1.04 1,002.88
146 Spring City Sanpete 1,023 988 35 3.54% 1.33 769.17
147 Paradise Cache 950 904 46 5.09% 1.29 736.43
West Mountain CDP Utah 950 1186 -236 -19.90% 10.69 88.87
148 Goshen Utah 949 921 28 3.04% 0.81 1,171.60
149 Green River Emery 943 952 -9 -0.95% 12.46 75.68
150 Levan Juab 898 841 57 6.78% 0.78 1,151.28
151 Minersville Beaver 887 907 -20 -2.21% 0.64 1,385.94
152 Hideout Wasatch 875 656 219 33.38% 3.29 265.96
153 Henefer Summit 871 766 105 13.71% 1.7 512.35
154 Bear River City Box Elder 869 853 16 1.88% 1.54 564.29
155 Elsinore Sevier 866 847 19 2.24% 1.3 666.15
156 Leeds Washington 852 820 32 3.90% 3.71 229.65
Marion CDP Summit 852 685 167 24.38% 5.82 146.39
Riverside CDP Box Elder 829 760 69 9.08% 6.71 123.55
157 Annabella Sevier 809 795 14 1.76% 0.7 1,155.71
158 Rocky Ridge Juab 806 733 73 9.96% 2.12 380.19
Wolf Creek CDP Weber 800 1,336 -536 -40.12% 3.16 253.16
159 Newton Cache 797 789 8 1.01% 0.79 1,008.86
160 Escalante Garfield 787 797 -10 -1.25% 2.94 267.69
161 Mantua Box Elder 786 687 99 14.41% 4.8 163.75
Fort Duchesne CDP Uintah 784 714 70 9.80% 7.01 111.84
Hoytsville CDP Summit 761 607 154 25.37% 4.45 171.01
Central CDP Washington 742 613 129 21.04% 2.51 295.62
162 Redmond Sevier 740 730 10 1.37% 0.96 770.83
163 Apple Valley Washington 739 701 38 5.42% 40.75 18.13
West Wood CDP Carbon 738 844 -106 -12.56% 1.06 696.23
Lake Shore CDP Utah 723 817 -94 -11.51% 10.92 66.21
164 Clarkston Cache 711 666 45 6.76% 0.97 732.99
165 Corinne Box Elder 703 685 18 2.63% 3.82 184.03
166 Hinckley Millard 698 696 2 0.29% 5.05 138.22
Enterprise CDP Morgan 683 605 78 12.89% 3.78 180.69
167 Eureka Juab 682 669 13 1.94% 1.51 451.66
Thatcher CDP Box Elder 665 789 -124 -15.72% 11.7 56.84
Copperton CDP Salt Lake 648 826 -178 -21.55% 6.41 101.09
168 Stockton Tooele 647 616 31 5.03% 1.62 399.38
169 Oak City Millard 644 578 66 11.42% 0.92 700.00
170 Huntsville Weber 632 608 24 3.95% 0.75 842.67
Eden CDP Weber 627 600 27 4.50% 4.2 149.29
171 Myton Duchesne 624 569 55 9.67% 1.02 611.76
172 Virgin Washington 608 596 12 2.01% 16.37 37.14
Dugway CDP Tooele 597 795 -198 -24.91% 5.21 114.59
173 Garden City Rich 587 562 25 4.45% 8.38 70.05
174 Loa Wayne 585 572 13 2.27% 0.9 650.00
175 Orderville Kane 573 577 -4 -0.69% 9.15 62.62
176 Springdale Washington 570 529 41 7.75% 4.63 123.11
177 Central Valley Sevier 561 528 33 6.25% 1.36 412.50
178 Mayfield Sanpete 531 496 35 7.06% 0.99 536.36
Halchita CDP San Juan 521 266 255 95.86% 17.11 30.45
Navajo Mountain CDP San Juan 521 354 167 47.18% 33.35 15.62
179 Paragonah Iron 520 488 32 6.56% 0.64 812.50
180 Amalga Cache 516 488 28 5.74% 3.42 150.88
181 Trenton Cache 512 464 48 10.34% 7.28 70.33
182 Tropic Garfield 509 530 -21 -3.96% 8.37 60.81
183 Circleville Piute 501 547 -46 -8.41% 9.08 55.18
Wanship CDP Summit 497 400 97 24.25% 5.05 98.42
Veyo CDP Washington 492 483 9 1.86% 2.07 237.68
Dammeron Valley CDP Washington 484 803 -319 -39.73% 4.89 98.98
184 Big Water Kane 480 475 5 1.05% 6.16 77.92
185 Rush Valley Tooele 479 447 32 7.16% 18.34 26.12
186 Glenwood Sevier 473 464 9 1.94% 0.54 875.93
187 Charleston Wasatch 471 415 56 13.49% 2.03 232.02
188 Kanosh Millard 466 474 -8 -1.69% 0.84 554.76
189 Randolph Rich 466 464 2 0.43% 1.04 448.08
190 Fielding Box Elder 459 455 4 0.88% 0.45 1,020.00
Spring Lake CDP  Utah 454 458 -4 -0.87% 1.18 384.75
Aneth CDP San Juan 446 501 -55 -10.98% 11.03 40.44
191 Cleveland Emery 442 464 -22 -4.74% 0.85 520.00
192 Sigurd Sevier 438 429 9 2.10% 0.98 446.94
193 Plymouth Box Elder 431 414 17 4.11% 0.65 663.08
Peter CDP Cache 431 324 107 33.02% 21.48 20.07
Neola CDP Duchesne 419 461 -42 -9.11% 3.77 111.14
Timber Lakes CDP Wasatch 410 607 -197 -32.45% 8.84 46.38
194 Elmo Emery 408 418 -10 -2.39% 0.65 627.69
Cove CDP Cache 406 460 -54 -11.74% 14.59 27.83
195 Marysvale Piute 403 408 -5 -1.23% 17.61 22.88
196 Cedar Fort Utah 389 368 21 5.71% 21.24 18.31
197 Alta Salt Lake 387 383 4 1.04% 4.61 83.95
Palmyra CDP Utah 387 491 -104 -21.18% 11.42 33.89
198 Kanarraville Iron 378 355 23 6.48% 0.46 821.74
199 Holden Millard 377 378 -1 -0.26% 0.54 698.15
200 Glendale Kane 373 381 -8 -2.10% 7.79 47.88
Bluff CDP San Juan 358 258 100 38.76% 22.03 16.25
201 Wales Sanpete 355 302 53 17.55% 0.31 1,145.16
Montezuma Creek CDP San Juan 350 335 15 4.48% 11.96 29.26
202 Castle Valley Grand 348 319 29 9.09% 8.04 43.28
203 Joseph Sevier 346 344 2 0.58% 0.91 380.22
204 Wallsburg Wasatch 340 250 90 36.00% 0.52 653.85
205 Deweyville Box Elder 339 332 7 2.11% 6.4 52.97
206 Koosharem Sevier 331 327 4 1.22% 0.86 384.88
207 Bicknell Wayne 327 327 0 0.00% 0.61 536.07
208 Manila Daggett 324 310 14 4.52% 0.87 372.41
209 Scipio Millard 320 327 -7 -2.14% 0.93 344.09
211 Cornish Cache 315 288 27 9.38% 4.87 64.68
210 Meadow Millard 315 310 5 1.61% 0.51 617.65
Deseret CDP Millard 309 353 -44 -12.46% 3.07 100.65
212 Sterling Sanpete 302 262 40 15.27% 0.3 1,006.67
Newcastle CDP Iron 299 247 52 21.05% 3.98 75.13
Sutherland CDP Millard 296 165 131 79.39% 2.17 136.41
213 Vernon Tooele 294 243 51 20.99% 7.53 39.04
Avon CDP Cache 293 367 -74 -20.16% 7.13 41.09
White Mesa CDP San Juan 276 242 34 14.05% 15.65 17.64
Spanish Valley CDP San Juan 276 491 -215 -43.79% 14.2 19.44
214 Rockville Washington 273 245 28 11.43% 8.23 33.17
La Sal CDP San Juan 267 395 -128 -32.41% 47.56 5.61
215 Emery Emery 266 288 -22 -7.64% 1.17 227.35
216 Laketown Rich 259 248 11 4.44% 2.58 100.39
217 Portage Box Elder 257 245 12 4.90% 2.99 85.95
218 Altamont Duchesne 255 225 30 13.33% 0.14 1,821.43
219 Lyman Wayne 251 258 -7 -2.71% 1.88 133.51
220 Howell Box Elder 250 245 5 2.04% 35.35 7.07
221 Fayette Sanpete 249 242 7 2.89% 0.42 592.86
222 Torrey Wayne 241 182 59 32.42% 0.51 472.55
223 Leamington Millard 231 226 5 2.21% 1.55 149.03
224 Boulder Garfield 225 226 -1 -0.44% 20.92 10.76
225 Bryce Canyon City Garfield 223 198 25 12.63% 3.46 64.45
Elberta CDP Utah 223 256 -33 -12.89% 13.65 16.34
226 Henrieville Garfield 220 230 -10 -4.35% 1.56 141.03
227 New Harmony Washington 220 207 13 6.28% 0.61 360.66
228 Hanksville Wayne 214 219 -5 -2.28% 1.9 112.63
229 Interlaken Wasatch 209 209 0 0.00% 0.223 937.22
230 Independence Wasatch 204 164 40 24.39% 30.59 6.67
Jensen CDP Uintah 197 412 -215 -52.18% 3.23 60.99
231 Clawson Emery 190 163 27 16.56% 0.71 267.61
232 Woodruff Rich 188 180 8 4.44% 0.46 408.70
Randlett CDP Uintah 184 220 -36 -16.36% 5.22 35.25
233 Junction Piute 174 191 -17 -8.90% 14.44 12.05
234 Snowville Box Elder 172 167 5 2.99% 1.54 111.69
236 Cannonville Garfield 169 167 2 1.20% 1.98 85.35
235 Tabiona Duchesne 169 171 -2 -1.17% 0.13 1,300.00
Woodland CDP Summit 163 343 -180 -52.48% 2.26 72.12
Garden CDP Rich 161 181 -20 -11.05% 26.52 6.07
237 Kingston Piute 158 173 -15 -8.67% 5.32 29.70
Tselakai Dezza CDP San Juan 155 109 46 42.20% 19.98 7.76
238 Dutch John Daggett 150 151 -1 -0.66% 2.4 62.50
Pine Valley CDP Washington 150 186 -36 -19.35% 3.44 43.60
Bluebell CDP Duchesne 149 293 -144 -49.15% 9.74 15.30
Samak CDP Summit 146 287 -141 -49.13% 4.7 31.06
Dutch John CDP Daggett 143 145 -2 -1.38% 2.39 59.83
Summit CDP Iron 142 160 -18 -11.25% 0.68 208.82
239 Hatch Garfield 140 133 7 5.26% 0.48 291.67
240 Fairfield Utah 136 119 17 14.29% 26.71 5.09
Teasdale CDP Wayne 132 191 -59 -30.89% 4.01 32.92
Peoa CDP Summit 130 253 -123 -48.62% 2.85 45.61
Fremont CDP Wayne 127 145 -18 -12.41% 1.75 72.57
Kenilworth CDP Carbon 123 180 -57 -31.67% 0.75 164.00
242 Alton Kane 119 119 0 0.00% 2.08 57.21
241 Antimony Garfield 119 122 -3 -2.46% 10.11 11.77
243 Lynndyl Millard 113 106 7 6.60% 3.56 31.74
Whiterocks CDP Uintah 108 289 -181 -62.63% 2.35 45.96
Echo CDP Summit 99 56 43 76.79% 0.82 120.73
Flaming Gorge CDP Daggett 90 83 7 8.43% 2.28 39.47
244 Brian Head Iron 89 83 6 7.23% 3.1 28.71
Thompson Springs CDP Grand 85 39 46 117.95% 3.19 26.65
245 Ophir Tooele 55 38 17 44.74% 0.14 392.86
246 Scofield Carbon 23 24 -1 -4.17% 0.7 32.86

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Qualifying for a Home Loan in Utah

Conforming Mortgages

As of 2018 the conforming loan limit across the United States is set to $453,100, with a ceiling of 150% that amount in areas where median home values are higher. Local affordability makes the $453,100 ceiling apply across most the state for single unit homes. Dual unit homes have a limit of $580,150, triple unit homes have a limit of $701,250 & quadruple unit homes have a limit of $871,450. People buying properties in the the Summit Park & Salt Lake City metro areas have higher conforming mortgage thresholds.

County Metropolitan Designation 1 Unit Limit 2 Unit Limit 3 Unit Limit 4 Unit Limit
Salt Lake Salt Lake City, Ut $600,300 $768,500 $928,950 $1,154,450
Summit Summit Park, Ut $679,650 $870,225 $1,051,875 $1,307,175
Tooele Salt Lake City, Ut $600,300 $768,500 $928,950 $1,154,450

Home buyers who are borrowing more than the above amounts will likely need to obtain a jumbo mortgage. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.

Several different types of home loans are available in the Beehive State. Fixed-rate loans are very common, and the terms include thirty, twenty, fifteen, and ten years. The longer the life of the mortgage, the lower the monthly payment will be, which is why the 30-year loan is the most popular. The downside of this, however, is that the APR is higher compared to shorter-term loans. The difference can be as large as a full percentage point.

In addition to conventional 30-year and 15-year fixed-rate mortgages, lenders offer a wide variety of adjustable rate mortgages (ARM’s). While these instruments have lost some of their attractiveness during the recession, there are still circumstances where they offer the only way for a borrower to qualify. Properly structured (that is, with strict limits on how much the rate can fluctuate), such loans are still a legitimate way for borrowers to purchase a home and start building equity while establishing their credit so as to qualify for conventional loans upon the ARM’s expiration. These loans provide interest rates that fluctuate, as the name implies. The APR is usually fixed for an initial term, such as three, five, seven or ten years. Then the rate adjusts depending on the performance of a referenced index rate, usually once per year; but it can change more frequently. The loan agreement may state in detail how frequently the APR can change, and it may also include a rate cap to prevent large changes.

Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant financial assets.

A few lenders in the Behive State offer interest-only loans, but usually only for periods of three years. These are mortgages where payments are applied only to interest for a period of time. The loan's principal isn't paid down, so the monthly payments are very low. The low monthly payments only lasts a few years, however. Typically, it's about three years. After this period, monthly payments spike because the loan's principal hasn't been reduced & the remainder of the loan must be paid off in a compressed period of time. For example, on a 3 year IO 30-year loan, the first 3 years are interest only payments, then the loan principal must be paid in full in the subsequent 27 years.

When qualifying for a loan, a credit score of 720 or better can help secure a favorable loan. Some mortgage lenders in strong markets like Salt Lake City have approved borrowers with credit scores around 640. The best rates and deals will be obtained with a score above 740. There is a lot of competition among lenders, and this environment can create nice perks for borrowers. For example, some banks will offer special deals on closing costs for borrowers who qualify. The cost might be added to the mortgage or the bank will pay the closing costs but add a few basis points to the APR.

A debt-to-income ratio of 40% and a down payment of 20% are what most banks want to see on a home loan application. They will accept worse numbers, but fees and APR's could go up as a result. Also, a down payment of less than 20% typically results in required mortgage insurance. This down payment requirement does not apply for Federal assistance programs such as FHA, in which applicants can have a lower credit score and income but still receive financing.

The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.

Government Programs

Federal Assistance Programs

Prospective home buyers who don't find what they're looking for at one of the state's private banks may want to take a look at some of the mortgage options the federal government offers. One of them is the loan program at the Veterans Administration, which provides mortgages with zero down. On top of that great deal, VA loans do not require private mortgage insurance. The agency does, however, charge a funding fee, and this varies from 1.2% to 3.3%. Making a voluntary down payment will reduce this charge. And in case you're wondering, yes you do have to be a qualified veteran to get one of these unbeatable deals.

If you're not a vet, you may want to consider the Federal Housing Administration's home loan services. The FHA offers loans to people who have a credit score of at least 580 and who can put at least 3.5% down. The government agency also offers mortgages for lower credit scores, but it requires more money down with these loans.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

Utah Real Estate Government Financing Programs

With the skyrocketing costs of real estate, more people may be turning to government-funded real estate financing programs. These programs typically have looser credit standards, a higher acceptance rate, and you may not need much of a down payment, or any at all.

First-Time Homebuyers – Pioneer Grant

If you live in Utah and you're a first-time homebuyer, there is a program that will give you up to $10,000 to put down on your home. It goes by county, so you do have to check if your specific county has it. Additionally, this is grant money, so you won't have to worry about paying it back for as long as you occupy the property. We'll look at the Provo-specific one, so you get an idea of eligibility requirements, but almost every county in Utah has this program. The qualifications for this program include:

  • You have to purchase a home with Provo's city limits
  • Your home's purchase price cannot exceed $196,531
  • Your household must fall within the income guidelines
  • When you buy a house, you can't displace a current tenant.
  • The home buyer must put at least $1,000 of their own money down.
  • If you sell the property within two years of purchasing it, you'll get a $5,000 penalty.
  • The house must be a single-family residence, a townhome, or half of a twin home to qualify.

If you meet these requirements, it is generally very easy to apply for and obtain this money. However, it usually takes two to three weeks to receive the money after the closing process is complete.

Home Start Program

The Home Start Program is another grant program the state of Utah offers to people who want to purchase a home. All buyers are eligible for this grant, and it is on a first-come, first-serve basis. You'll receive up to $7,500 to put toward your down payment or closing costs if you meet the eligibility requirements, and you request the correct one as they go by county. The eligibility requirements are:

  • must occupy the property as primary residence
  • county-based property price limits ($290,500 to $307,500)
  • household income limits based on persons in family (ranging from $41,350 for single-person homes to $77,950 for homes with 8 people in the family)

Chenoa Fund

  • All homebuyers are eligible.
  • If this is your first home, you must complete a home owner's education course
  • There are purchase limits by county
  • You have to live in the home as your primary residence
  • Manufactured or mobile homes are not eligible
  • You must fall within the income limit for your household size

The Chenoa Fund is a more specialized grant program that is designed for people who have a 30-year FHA home loan. You have two options for down payment assistance with this program. You can choose Forgivable Financing or Repayable Financing for your grant money, and eligibility restrictions apply for both.

Home Choice

  • Must qualify for a 30-year FHA loan
  • Your income must fall within the program's income limits
  • You can only use the funds for purchasing your home
  • The property must be your primary residence
  • You can't use the money for renovations
  • You must have a credit score of 620 or higher
  • Non-occupant co-borrowers are allowed to help
  • Your first mortgage financing provided by CBC Mortgage Agency

If you have a disability, or if you have a family member who has a disability, the Home Choice program can help you purchase a home. Additionally, it gives first-time homebuyers financial counseling and assistance, and the mortgages typically have interest rates of 1% to 3%. You may get direct down payment funding or your closing costs paid with this program. You have to earn 80% or less of your area's median income and have proof of a disability in order to be considered eligible for this program.

Natural Disasters

Lightning Hitting Monument Valley.

Earthquakes

Utah has a high to very earthquake risk. Here are county-by-county risk profiles.

  • Very low: Grand, San Juan
  • Low: Daggett, Uintah
  • Moderate: Carbon, Duchesne, Emery, Millard, Tooele
  • High: Juab, Summit, Wasatch
  • Very high: Beaver, Box Elder, Cache, Davis, Iron, Morgan, Piute, Rich, Salt Lake, Sanpete, Sevier, Utah, Washington, Weber

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Most of the state of Utah is considered to have a very low flooding risk. The following counties have a moderate flooding risk: Summit & Washington.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Wildfires

The risk of wildfires is considered moderate in the northwest part of the state. Fire damages from wildfires & other types of fires are typically covered in most homeowner's insurance policies. If you own expensive items you may want to keep an up-to-date household inventory list which lists specific valuables, such as fine art & jewelry.

Local Real Estate Laws

Property Taxes

Utah has one of the lowest property tax rates in the country. In 2016 the average rate across the state was 0.65% while the national average was 1.24%. The 0.65% rate on the median home value of $300,245 leads to an annual assessment of $1,948.

Other Real Estate Laws

Utah Exemption Act

The Utah Exemption Act is also known as the Homestead Act, and it is designed to protect some of the home owner's equity in the event of a forced foreclosure or a bankruptcy. If your bankruptcy was due to something like unpaid medical bills or certain business debts, you could get $20,000 of protection for the head of household an $20,000 for a spouse. There are eligibility requirements you'll have to meet to get this protection.

Equitable Distribution

When it comes to Utah law, it is an equitable distribution state, and this means that any property will be divided fairly, but this doesn't necessarily mean equally. If both parties agree on who will get what portions of their property in a divorce, a judge will have to sign off on it. It depends on how long the marriage is, and parties ages and health, their income levels, and occupations. Long-term marriages are more likely to get a 50-50 split, and shorter marriages may be more unequally divided.

Foreclosures

Home loan products are recognized in Utah as either mortgage contracts or Deeds of trust. However, most lenders tend to use deeds of trust to govern home loans in Utah.

The state of Utah is what is known as a non-recourse state when it comes to foreclosures. Most borrowers prefer this type of mortgage loan because the lender isn't allowed to sue them for additional funds if they default on their mortgage and the home sells for less than is still owed on the home. For example, if you purchase a car with a non-recourse loan and default, the lender is allowed to repossess and sell the car. The difference between a recourse and a non-recourse loan is whatever the lender sells the car for will satisfy your debt, no matter how much you owed when you defaulted. If you owed $7,000 on the car when you defaulted, and the lender sells the car for $4,000, they'd have to absorb the $3,000 loss with no additional cost to you.

Utah is primarily a title theory state, and this means that the property's title will remain in a trust until the property is paid in full. Additionally, Utah is primarily a non-judicial foreclosure state. This means court action isn't required to foreclose on a property once the borrower defaults on the mortgage. The deed of trust typically has a power of sale clause that the borrower signs when they take out the mortgage, and it states the appointed trustee will sell the property to satisfy the mortgage in the event of a default. Only an attorney, bank, or title loan company officer can serve as the trustee and sell the property.

Power of Sale

Before foreclosure proceedings can begin, the lender has three months from the default date to file a Notice of Default with the corresponding county office. This notice of default must be published for a minimum of three corresponding weeks in a local newspaper or a general circulation in the corresponding county. The final notice of sale has to be published at least 30 days before the sale date.

Every notice of default has certain information that it must contain to be considered valid. It has to have the time, date, and location of the sale, as well as a description of the defaulted property, the lender's intent to sell the property, and the deed of trust.

The foreclosure auction itself must take place in a public setting between the normal business hours of 9 am and 5 pm, and this date must be clearly listed on the notice of default. At this time, the appointed trustee will auction the property off to the highest bidder. However, the actual auction may be postponed up to 45 days if the original borrower that defaulted provides written notice.

Judicial Foreclosure

Lenders are allowed to go to court in a judicial foreclosure to have a judge sign off on the final proceedings. The lender files a lis pendens and a complaint to the court to begin the proceedings. The lis pendens provides the public notice that the property is being foreclosed on. The rest of this process typically follows the same procedure as a non-judicial foreclosure, except the courts are involved. The home will be sold at public auction through the courts.

Right to Redemption

Utah is one state that offers a post-sale right to redemption for judicial-type foreclosures. This law allows the borrower who defaulted to reclaim their home and property if they pay the defaulted amount in full, plus any costs associated with the foreclosure process. The court has the power to extend this period.

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