Title

Financial Profile of First Time Home Buyers inNorthern Utah

Document Type

Conference Paper

Journal/Book Title/Conference

Financial Profile of First Time Home Buyers inNorthern Utah

Publication Date

2002

First Page

35

Last Page

38

Abstract

Using a structured survey, the purpose of this study was to identify the benefits of First Time Home Buyer Workshops in Northern Utah, identify approaches used by workshop participants to locate and purchase a home, identify types of mortgage loans used by new homeowners, and build and test an empirical model of financial stability among new homeowners. The results of this research show that more than one half of the participants were experiencing some kind of financial strain at least in the short term, as measured by a financial index. Many first time home buyers were applying up to 50% of their income to their regular mortgage payments and had no savings to cover maintenance, emergencies, or repair costs for their newly purchased homes.

Comments

American Association of Housing Educators Proceedings, Minneapolis, Minnesota

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