Real Estate in St George
Karey Maniscalco
435-703-4584435-703-4584

Housing Affordability

Our housing market is incredibly affordable if you calculate the 3 things that effect affordability.  It is easy to say housing is reaching an all time high and I should wait to buy, but there are three things that affect housing affordability and those are wages, interest rates and pricing.

 

The median sales price is up from $226,500 in 2015 to an high of $270,950 in 2017 which has come concerned if now is the right time to buy.  For years St George remained behind in the state of Utah but we have seen wage growth in the last 12-18 months increasing buying power.

 

Mortgage rates over the last 8 years have been historical lows. Comparing all the data over the last 20 years the average interest rate would be 6.4%. Luckily, right now we are in the mid 3% making home ownership very affordable.

Reviewing the Home Affordability Index for Utah over the past 3 years, housing affordability has decreased but if you look back in 2006 it was more expensive to buy a home based on interest rates, wages and pricing. Historically, the last 40 years has to own a home has cost the average American 21.6% of their home income to own compared to 2016 it was 15.2%

 

If you look through the data it suggests that over the next few years it will become less affordable and interest rates and home prices increase, meaning now is the time to buy. Let’s go shopping!

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About Karey Maniscalco

Picture of Karey Maniscalco

Karey Maniscalco

Realtor- Realtypath

kareysells@gmail.com

435-633-9080435-633-9080 main

Karey Maniscalco & Associates with RealtyPath

113 East 200 North St George, UT 84770

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Reviews

5nicole danny

Karey was great!! She went above and beyond to find my family the perfect home. We were first time buyers and she took the time to explain things to us, she was on top of all the paper work and emails & walked us through the whole process !

5Jamiej4

Karey is a top notch Realtor! I highly recommend her! She goes above and beyond and works hard to get what you want in buying and selling of your home! I have used other realtor's and would never use anyone other than her again!

5AlisaBrewer666

I am absolutely DELIGHTED to offer my review of Karey. We contacted her at the beginning of February, 2016. We had been offered a purchase price on the house that we had been renting for a year....and we had NO IDEA what to do next. My friend, who bought... (more)

Review Karey Maniscalco on Zillow.com