Utah Bad Credit Mortgage Lenders

The state of Utah is home to salt lake, and was originally settled by a majority of Mormons. As of 2004, there are 848,737 homes in Utah. Of those, 780,029 are occupied, meaning that 91.9% of the homes in Utah are currently occupied. This leaves prospective home buyers with less than 10% of the market available. Thankfully, the number of occupied homes is only slightly higher than the national average of 89.6%. Utah itself has been in an almost continual economic growth period since the early 1990’s. This has helped create stable communities and safe streets with little crime. The job opportunities have been plentiful, and as such, the state has seen a near constant influx of individuals and families looking to cash in on the expanding market. This has resulted in a housing industry that literally cannot build homes fast enough, and while that is good news for the builders, it has other repercussions for everyone else.

Despite a period of serious economic expansion in the 1990's, the affordable housing choices for Utah's working class families shrank. According to the 2000 Census Utah experienced a 30% percent increase in population during the 1990's. During this same time, housing costs increased by 98.7% in the Salt Lake-Ogden area. Rural areas also saw substantial cost increases, although not as dramatic.

The cost of buying a home in Utah is seriously affected by the increase in population. Although if one looks at the average cost of a home in Utah, which according to the 2004 census is $157,275 dollars, and compare it to the average cost of a home nationwide, which is $151,366, the difference doesn’t look that drastic. However, the state average and national average comparisons can often times be deceiving, as they must take into account both affluent and less wealthy areas, and a dramatic spike or drop in prices can often go unnoticed as it is absorbed into the median.

However, those looking to buy a home in Utah shouldn’t worry too much about the high cost. The higher cost of homes has been noticed by those in the lending industry, and the criteria for, and amount available for borrowing have been adjusted to help get people into homes. The market for homes looks set to continue to expand, meaning that the house you buy today is almost certain to gain in value.