Utah cities named most affordable to live in 2022

UTAH (ABC4) – Homebuyers in search of actual property in Utah know the market may be tough to navigate. With house costs skyrocketing over the previous two years and rates of interest for a 30-year fixed-rate mortgage hitting a ten-year excessive in April, selecting a future house may be fairly daunting.

A brand new examine by HomeSnacks took a deeper dive into the Utah housing market to discover probably the most inexpensive cities to stay in 2022. The report used a large number of knowledge to find out the rankings together with studies from the U.S. Census Bureau, present house and rental costs, total security, high quality of schooling and total metropolis facilities. The examine additionally solely thought of cities with a minimum of 5,000 residents or extra which narrowed the checklist right down to 88 Utah cities.

Listed here are the ten Most Reasonably priced Cities in Utah for 2022:

1. Hyrum
2. Washington Terrace
3. Brigham Metropolis
4. Sundown
5. Smithfield
6. Tremonton
7. Roosevelt
8. Vernal
9. Perry
10. North Ogden

The examine says the present value of dwelling in Utah is about 5.5% decrease than the nationwide common. The median revenue of a Utah family is $74,197, in keeping with the report. In accordance with the MIT dwelling wage calculator, the price of dwelling for a household of 4 with two working mother and father in Utah is $84,823. The nationwide common is $89,744.

The examine discovered the Utah county with the bottom value of dwelling in 2022 is Piute County. Researchers say the common dwelling wage in Piute County is $74,325 in keeping with MIT information. Childcare prices in Piute County are $9,149 a yr for 2 youngsters in comparison with the Utah common of $14,686. Housing prices, which mix the common hire and common mortgage cost, are $8,808 per yr in Piute County in comparison with $12,484 on common within the state of Utah.

The affordability of every metropolis was decided by evaluating components from the Census American Neighborhood Survey 2016-2020 together with:

• Median Residence Value/Median Revenue (Decrease is healthier)
• Median Revenue / Median Hire (Larger is healthier)
• Median Residence Value

“We added merely median house worth as a result of excessive house costs typically correlate with greater bills for all prices associated to properties (heating, electrical energy, and many others),” the examine says.

Researchers in contrast these metrics utilizing a “Value of Dwelling Index” that took the common rank of every metric to seek out probably the most inexpensive cities in Utah.

Quick details about every inexpensive Utah metropolis:

• 1. Hyrum
  • Median house worth – $221,900
  • Median family revenue – $66,902
  • Location – 45 minutes north of Ogden
  • Inhabitants – 8,415
  • “Hyrum has the eleventh greatest house worth to revenue ratio within the state,” the examine say. “On prime of that, Hyrum residents pay the ninth smallest proportion of their revenue on hire statewide. In different phrases, it doesn’t actually matter if you happen to’re shopping for or renting in Hyrum; town’s affordability stands out.”

• 2. Washington Terrace
  • Median house worth – $216,700
  • Median family revenue – $65,204
  • Median hire – $863
  • Location – Ogden space
  • “Being so near Ogden means you’ve got all of the big-city facilities with out the price,” the examine says. “The general value of dwelling in Washington Terrace is 12% decrease than the statewide common, however housing prices are even cheaper than that. Washington Terrace has the eleventh least costly properties within the state.”

• 3. Brigham Metropolis
  • Median house worth – $197,500
  • Median family revenue – $57,312
  • Median hire – $760
  • Location – Field Elder County
  • Inhabitants: 19,336
  • “Brigham Metropolis noticed most of its development in the course of the Nineteen Fifties and Nineteen Sixties, however has seen a struggling financial system and stagnating development since then,” researchers say. “It’s close to the headquarters of ATK Thiokol, the corporate that created the stable rocket boosters for the House Shuttle.”

• 4. Sundown
  • Median house worth – $181,800
  • Median family revenue – $63,697
  • Median hire – $962
  • Location – Ogden suburb
  • Inhabitants: 5,309
  • “Hire in Sundown is sort of half the statewide common hire of Utah,” the examine says. “And, much more importantly, residents of Sundown pay the smallest share of their revenue on their mortgage, so there’s loads of cash leftover for weekend journeys to Ogden.”

• 5. Smithfield
  • Median house worth – $250,300
  • Median family revenue – $73,788
  • Median hire – $924
  • Location – North of Logan
  • Inhabitants: 11,670
  • “Unemployment in Smithfield is 3.22%, and each revenue and property values have gone up by over 5% within the final yr, indicating a optimistic outlook for the longer term,’ the examine say. “Plus, there’s lots for a nature-lover to do at no cost or low-cost, like taking a scenic drive by way of Logan Canyon Drive or getting even nearer to nature on the Wind Cave hike.”

• 6. Tremonton
  • Median house worth – $209,700
  • Median family revenue – $59,488
  • Median hire – $751
  • Location – Field Elder County
  • Inhabitants: 7,647
  • “In accordance with the newest information from the FBI, the entire crime charge in Tremonton is 27% decrease than the nationwide charge and 37% decrease than the common Utah crime charge,” the examine finds.
• 7. Roosevelt
  • Median house worth – $198,800
  • Median family revenue – $57,659
  • Median hire – $780
  • Location – Duchesne County
  • Inhabitants: 7,077
  • “Roosevelt’s main industries are oil and agriculture, so in case you have expertise in both area, you need to have a simple time discovering a job right here,” researchers say. “And when summer time rolls round, don’t miss the annual Uintah Basin in Celebration, a week-long pageant full with concert events and parades.”

• 8. Vernal
  • Median house worth – $164,500
  • Median family revenue – $47,962
  • Median hire – $706
  • Location – Uintah County
  • Inhabitants: 10,449
  • “Vernal is the biggest metropolis in Uintah County and is about 175 miles east of Salt Lake Metropolis and 20 miles west of the Colorado border,” the examine says. “As of the 2010 census, town inhabitants was 9,089. The inhabitants has since grown to 10,844 as of the 2014 inhabitants estimate.”

• 9. Perry
  • Median house worth – $286,500
  • Median family revenue – $82,435
  • Median hire – $864
  • Location – Field Elder County
  • Inhabitants: 5,090
  • “Situated 50 miles north of Salt Lake Metropolis off of Route 15 in northern Utah, town has many inexpensive issues to do together with 4 parks and mountaineering trails that lead up into Cache Nationwide Forest, to not point out the Bear River Migratory Chook Refuge,” researchers say.

• 10. North Ogden
  • Median house worth – $299,900
  • Median family revenue – $87,755
  • Median hire – $970
  • Location – Weber County
  • Inhabitants: 19,930
  • “With a successful mixture of a rock-solid financial system and inexpensive dwelling,” consultants say. “Moreover, North Ogden’s crime charge is about half the nationwide common, so that you gained’t be sacrificing safety for affordability right here.”

To take a look at the total examine and checklist of the most cost effective locations to stay in Utah with detailed profiles of every location, click on right here.