According to a new report by Realtor.com, Salt Lake City's housing market is gaining in popularity. Javier Vivas, Director of Economic Research for Realtor.com, joins Your Future Home to discuss some of the reasons millennials are flocking to Utah.
The Salt Lake City metropolitan area is projected to have one of the strongest housing markets in the country in 2018, with home prices and sales expected to reach 4.5%-4.6% growth, respectively, over last year. The median home price at the end of 2017 was $273,000.
But why is the Salt Lake City area booming? Vivas says it's, in part, due to millennials moving there. Its millennial population is 1.3 times higher than the U.S. average and made up 46% of its mortgages in 2017, beating the U.S. average by 9%.
Chair Jerome Powell says the Federal Reserve only expects to cut rates once in 2024. But at least, as one economist says, ‘rate hikes are off the table.’
With the Fed likely set to leave rates unchanged, lower and middle income Americans will continue dealing with higher credit card interest and expenses.
