How long it takes to break even on a home in Salt Lake City
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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%.