Connect with us

Utah

What kind of house can $500,000 get you in today’s market?

Published

on

What kind of house can $500,000 get you in today’s market?


Estimated read time: 5-6
minutes

It’s not just your imagination. Utah’s population has been on a steady upward trajectory over the last few years — and home prices have gone up with it. In December 2019, pre-pandemic home prices were much lower than they are now. The median sold price back then was $320,000, according to the Utah Association of Realtors.

Fast forward to December 2022 and the median sold price for homes has gone up to $510,000. That’s a significant increase in just a few years.

Given the sharp rise in home prices, you might be wondering what kind of home you can buy at each price point in Utah. Here are a few examples on the market today.

Advertisement

$300,000–$400,000

What kind of house can $500,000 get you in today's market?
Photo: The Stern Team

This price point includes perfect starter homes for anyone looking to do some DIY projects on the weekend. This charming three-bedroom property in Layton is a great example. It’s located in a quiet neighborhood next to good schools and even includes a full treehouse in the backyard.

$400,000–$500,000

What kind of house can $500,000 get you in today's market?

Even at this price point, you will still find some higher quality condos, just like this one in Millcreek. As you enter through the vestibule, you’ll be greeted by a spacious family room with a picturesque skylight and cozy gas fireplace. Two staircases add to the practical and airy layout of the home. The kitchen has been stylishly updated with modern appliances, including a glass-top electric stove and a newer dishwasher.

$500,000–$600,000

What kind of house can $500,000 get you in today's market?
Photo: The Stern Team

Now you’re at the median sales price of sold homes in 2022. For $500k you can expect a beautiful home like this one that’s located in Riverton. Starting with the heart of the home, you’ll adore the updated kitchen that comes complete with sleek granite countertops, modern appliances and ample storage space. Add to that a fully finished basement, an oasis-like master bedroom, easy access to Bangerter Highway and the fact that it’s nestled in a peaceful cul-de-sac and you’ve got yourself a dream home.

$600,000–$700,000

What kind of house can $500,000 get you in today's market?
Photo: The Stern Team

If your budget allows you to stretch beyond the median sales price, $600k to $700k will get you this picturesque, single-family rambler in Syracuse. Located just three-quarters of a mile from the future West Davis Corridor Highway, this 0.42-acre corner lot comes with six bedrooms, three full bathrooms and one half bathroom. Enjoy an open kitchen with granite countertops, a gas stove, an upgraded refrigerator and a roomy pantry. The large master bedroom lets in plenty of natural light and includes a separate shower, walk-in closets and a jetted tub. To see what else this home offers, be sure to check the listing. (Hyperlink)

$700,00–$900,000

What kind of house can $500,000 get you in today's market?

If you like being close to all the downtown action, this Salt Lake home near the University of Utah campus is a great find. It’s within walking distance of Trax, so you’re just minutes away from being in the heart of town. New windows, a new furnace and a washer and dryer are included along with four parking spots and an enclosed backyard. This could be a perfect rental investment home, as the home has plenty of individual rooms and parking spaces.

$900,000–$1 million

What kind of house can $500,000 get you in today's market?
Photo: The Stern Team

On the Cottonwood Creek waterfront sits this elegant home that’s recently been fully remodeled inside. This is the forever home that people dream of their entire life. With airy spaces and large bedrooms, you’ll feel at home and relaxed. The five bed three bath home is a sprawling 3,220 square feet and has a private entrance to the basement.

$1–$2 million

What kind of house can $500,000 get you in today's market?

One look at this Highland home and you’ll be smitten. Enter your home through your four-car garage and cook up something delicious in your gourmet kitchen that’s complete with double ovens, granite countertops, two dishwashers and top-of-the-line stainless steel appliances. Then take a load off in the luxurious master bedroom or any of the other rooms, each of which has its own walk-in closet. When you’re ready to entertain, your covered patio and fully fenced yard are ready for you.

$2–$3 million

What kind of house can $500,000 get you in today's market?

Located in Lindon, this gorgeous rambler sits on more than an acre of land with views of the mountains in the backyard. For the chefs and kitchen aficionados, the chef’s kitchen and prep kitchen are a huge perk. The three bed five bath house features floor-to-ceiling windows and a master bedroom suite you won’t soon forget. It has a separate shower and tub, a large walk-in closet, a private walkout to the deck and a private hot tub.

$3–$4 million

What kind of house can $500,000 get you in today's market?

Feast your eyes on this stunning piece of real estate in Salt Lake. This 11,860-square-foot home features six bedrooms (each with its own bathroom), a home gym, a pool, a private backyard oasis and several other amenities that will have you feeling like royalty. The heated driveway will be a welcomed perk if the following winters prove to be similar to this year’s.

More than $4 million

What kind of house can $500,000 get you in today's market?
Photo: The Stern Team

Should you be able to buy a home exceeding $4 million, this $6.9 million Hobble Creek estate is calling your name. The 12,904-square-foot home was made for anyone whose dream is to get away from it all — without being too far from it all.

If the masterful craftsmanship doesn’t win you over, perhaps the archery range, theater room or home gym will. And if you have occupants who need their own separate space, they’ll enjoy the mother-in-law setup above the garage. This barely scratches the surface, so be sure to check out the listing for a full list of amenities.

The Stern Team is here to help

If the homes listed in each budget range don’t check all of your boxes, there are plenty more to choose from and the Stern Team can point you in the right direction. With a proven track record of helping clients every 25 hours, The Stern Team can help you find the right Utah home for your needs. To get started, call 801-877-0891 or visit sternteam.com today.

More stories you may be interested in



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Utah

Here’s what Utahns need to make to afford a modest two-bedroom apartment

Published

on

Here’s what Utahns need to make to afford a modest two-bedroom apartment


This story is part of The Salt Lake Tribune’s ongoing commitment to identify solutions to Utah’s biggest challenges through the work of the Innovation Lab. [Subscribe to our newsletter here.]

Renters in most Utah counties likely don’t make enough to afford a modest, two-bedroom apartment, according to new data.

The “Out of Reach 2024″ report was released recently the U.S. Department of Housing and Urban Development and the National Low Income Housing Coalition. The report uses HUD’s fair-market rent calculations to determine the housing wage — how much a full-time worker must earn to afford a modest rental home without spending more than 30% of their income on housing — for states, counties and metropolitan areas across the country.

The report found that “more renters than ever before are paying more than they can afford on rent,” and risk homelessness, said Diane Yentel, who heads the coalition.

Advertisement

That includes Utah, where the mean wage for renters was lower than the housing wage in all but four counties, and was within 50 cents of it in another two. All six are rural counties.

Renters in Utah can’t afford to buy a home in all but one county, according to a recent analysis by The Salt Lake Tribune of U.S. Census Bureau and real-estate industry data. And based on a Tribune analysis of the new report, they can’t afford to rent in most counties, either.

The coalition’s analysis found Utah’s statewide housing wage — what a person would have to earn to be able to afford a two-bedroom apartment at fair-market rent — is $26.89 an hour.

That cost varies from $17.40 an hour in several rural counties to $30.88 in Salt Lake County, and a maximum of $34.75 in Summit County. There is data available for every county in Utah except Daggett County.

Meanwhile, the mean renter wage is lower statewide and in nearly every county than the housing wage — sometimes by double-digit numbers.

Advertisement

It’s only higher in Duchesne, Garfield, San Juan and Wayne counties, all rural counties in eastern or southeastern Utah.

Mean renter wages also are lower but within 50 cents an hour in two other counties — Box Elder County in the northwestern part of the state and Uintah County in eastern Utah. That gap is small enough that the NLIHC determined a renter could work one job and still afford a modest, two-bedroom apartment.

In other counties, the gap between the typical renter and housing wages varies from 87 cents in Beaver County to $15.64 in Kane County and averages about $7 an hour (more than $14,500 a year).

There is more affordability for one-bedroom apartments, but the mean renter wage is still short in 18 counties, including Cache, Davis, Grand, Iron, Kane, Salt Lake, Tooele, Washington and Weber.

The gap matters because even in “an improving economic landscape,” renters continue to struggle, Yentel said, and that leads to more evictions and higher rates of homelessness.

Advertisement

There is, however, some good news for Utah renters.

For one, the state’s housing wage is about in the middle compared to other states.

Utah’s housing wage also is lower than neighboring Arizona, Colorado and Nevada, as well as other western states like California, Oregon and Washington. Utah’s northern neighbors have housing wages somewhat lower than Utah’s — Idaho’s is about $4 lower, and Wyoming’s is about $8 lower.

And though there are new and luxury rentals across the state that cost much more than the fair-market rent HUD set, one analysis found typical rents for one-bedroom and two-bedroom apartments are lower.

Median rent along the Wasatch Front is between $77 and $166 a month less than fair-market rent for two-bedroom apartments, according to data from ApartmentList.com.

Advertisement

And median rent is only higher than fair-market in Davis County by $8, the ApartmentList data shows — it is lower in Salt Lake, Utah and Weber counties by at least $80.

Utah has focused on ways to improve the state’s housing crisis, but most have focused on homeownership.

As part of the Out of Reach report, the coalition suggested solutions for the rental side, though they are actions the federal government is advised to take. The coalition has recommended:

  • Long-term federal investments in affordable housing, including rental assistance.

  • Construction of deeply affordable housing.

  • Preservation of existing affordable housing.

  • Stronger renter protections.

Megan Banta is The Salt Lake Tribune’s data enterprise reporter, a philanthropically supported position. The Tribune retains control over all editorial decisions.



Source link

Advertisement
Continue Reading

Utah

Utah Made: Multi-generational ladder company still going strong

Published

on

Utah Made: Multi-generational ladder company still going strong


SPRINGVILLE, Utah — Art Wing still fondly remembers when his late dad Hal Wing, the founder of Little Giant Ladders, said: “If you concentrate on building the company and not the person, you will fail. If you concentrate on building the person, the company will take care of itself.”

That motto is still at Little Giant’s core today.

In the early 1970s, Hal was a salesman living in Germany, forging a friendship with an inventor who created a ladder that Hal thought was a technological marvel. He took the idea back to the United States, perfecting it and pattening it before heading out on the road.

“He bought a pinto station wagon and he loaded it with ladders, and he went on the road upwards of 250 days a year just selling them out of that thing,” Art recalled.

Advertisement

Art says the roadshow worked, and people quickly took note of their sturdy ladders and all they could do.

In 2002, Little Giant Ladders climbed to new heights by hitting television screens all over the country with an infomercial that often ran late at night and on weekend afternoons. It was a catchy ad that ran for 16 years and racked up sales of over a billion dollars in ladders sold.

Today, the Little Giant brand continues where it started, calling Utah home.

Company president and CEO Ryan Moss says the Beehive State is headquarters for good reason.

“We have great people here in the state of Utah. Honestly, that is one of the best blessings about Little Giant, is the wonderful people that we get to work with every single day,” Moss said. “They’re hardworking, they’re smart, they’re creative.” 

Advertisement

While Utah is the Little Giant premier factory, the company has facilities and warehouses all over the world, working to keep their standards and safety high. Globally, Little Giant employs several thousand people, together taking a small idea to a huge enterprise and stepping up the ladder of success with no end in sight





Source link

Continue Reading

Utah

Warning issued after harmful algal bloom found at Utah Lake marina

Published

on

Warning issued after harmful algal bloom found at Utah Lake marina


SARATOGA SPRINGS, Utah — A Warning Advisory has been issued for an area along Utah Lake after a harmful algal bloom was detected Tuesday.

The City of Saratoga Springs said the bloom was found present at the Saratoga Springs, and could be producing dangerous toxins that would be harmful to humans and animals.

The Utah County Health Department issued the warning, advising people to do the following when in the vicinity of the marina:

  • Do not swim or water ski
  • Avoid areas of algae when boating
  • Clean fish well and discard guts
  • Keep animals away
  • Don’t drink the water

Algal blooms can cause skin, nerve and liver damage,





Source link

Advertisement
Continue Reading

Trending