The American Dream of owning a home isn’t dead, yet

SALT LAKE CITY — The American Dream of owning a home is alive, but housing affordability is still a crisis that needs our attention.

“I think the American Dream is definitely still alive and well, but it’s something that we worry about a lot about and that we should pay a lot of attention to, ” said Mike Ostermiller, CEO of the Northern Wasatch Association of Realtors.

Ostermiller said interest rates have been fluctuating, but overall, they are still historically low. He said we were simply spoiled by the low interest rates for several years.

“If you look at them in context of history over the last 15 years, 25 years, 35 years, interest rates are actually not high at all.”

The return of starter homes

Recently, there has been an increase in the construction of single-family detached homes under $400,000, which is a trend that he hopes will continue.

He believes that will help people get over the home-buying precipice, especially for people worried about whether their children will ever be able to afford their own homes.

There are programs for first-time homebuyers to get into real estate.

Ostermiller said Utah is a great place to live and expects growth to continue economically.

“Don’t just assume because interest rates have crept up a little bit that your buying days are over, that you’re not going to be able to afford a home.”

Related:

• West Jordan hopes more landlords will participate in the city’s Good Landlord Program
• Poll: A third of Utahns say housing costs are so expensive they’ve considered moving out of state