Why is Utah County excluded?
That’s partly because Utah County’s median sales prices are too low due to a preponderance of affordable student housing and cheap condominiums. And the new loan limits are a function of median prices — meaning half of the homes sold for more, the other half for less — as estimated by HUD. To calculate the median sales price, the Federal Housing Administration used government and commercial data for metropolitan statistical areas and regions lying outside metropolitan areas. If multiple counties are involved in a single area, the FHA used the county with the highest median sales price. “The median home price in Utah County is typically much lower due to the larger number of affordable student housing, and in the past few years, there’s been more sales activity in lower-priced homes than high-end homes,” said Sterling Thomas, vice president of Utah Housing Corp. “For every large home that sells in say, Highland, there are two or three cheap kitty condos that are sold, which drops the
Related Questions
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