In Utah County the cheapest “House” for sale is 600 square feet, 2 bed, 1 bath, at $300k.
So at current interest rate it would be $1,800 a month mortgage(assuming you put the 60k down payment! A decent amount more if you do 3% down.)
The cheapest condo/town in utah valley is 205k, 1,100 square feet, on a 400 square foot lot. But due to a $500 HOA fee the monthly cost is still 1,700 a month (assuming 20% down).
With 3.5% down they’d both be closer to 2.1k +PIMI.
So yeah, how is where you live doing?
According to Zillow, a 3 bed 2 bath with 800 monthly HOA fees for 465k.
800$ per month for HOA is insane.
Agreed.
I don’t want an HOA at all, let alone pay what SHOULD be the entirety of a monthly payment to them, on top of a mortgage that is going to be 3 times as much as the HOA fee.
When I was little (just 29) you would hear a price like that for the mini mansions up on the hill.
I can’t imagine how absurd it seems for people old enough that they bought their first home for 20k back in the 70s.