Data: Zillow; Note: Calculations assume typical increases in home values, 3% closing costs paid at purchase and 1% home maintenance fees, 6% closing costs, and 6% agent fees paid at sale; Chart: Axios Visuals
Get comfy, Salt Lake City homeowners. It could take nearly 15 years to break even on your purchase, per Zillow data exclusively shared with Axios.
Why it matters: That's longer than the traditional advice to stay in your home for at least five years to recover costs.
With mortgage rates inching toward 8%, new homeowners will need to stay put longer to avoid going underwater.
By the numbers: With break-even timelines between 12 and 15 years, SLC homeowners are locked in longer than the national average — 11 to 13.5 years, depending on your down payment.
Zoom out: New homeowners in Provo will probably have to wait 13 to 16 years to break even.
Ogden homeowners should expect to wait 12 to 14.5 years post-purchase.
How it works: Zillow used typical price increases for each market to forecast the value of a median home and compare it to equity based on down payments of 3-20%.