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First Time Home Buyers Still Buying Homes Despite Rising Costs

First Time Home Buyers Still Buying Homes Despite Rising Costs

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Greg Neft, KSL NewsradioA new study says most new homes built in Salt Lake City are priced higher, so how does that impact first-time home buyers?

The survey from Boston-based Metrostudy says about one out of four homes being built is more than $500,000, but it shouldn't hurt those buying a home for the first time.

"Usually first-time home buyers are buying, I would say, under the $200,000 range, maybe $250,000 at the most," says local realtor Rachel Elliott. She says there's plenty of homes to go around in that price range, such as condos or fix-ups.

As for those buying higher-priced homes, Elliott says "They would have to own a home first, sell it, and then be able to get equity to put down." Bottom line, those who want a home can usually get one.

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