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More Utahns own homes, carry mortgages than national average

More Utahns own homes, carry mortgages than national average

By | Posted - Nov. 28, 2011 at 8:37 a.m.

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SALT LAKE CITY -- Home ownership in Utah is among the highest in the country.

Numbers from the Association of Realtors show in 2008, home ownership in Utah was 76.2 percent, the second highest in the country. That number fell to 72.5 percent in 2010, but remains well above the national rate of 66.9 percent.

The numbers also show more Utahns carry mortgages than the national average. Danielle Hale, a research economist, told the Deseret News that's due to Utah's young population.

On average, Utah couples get married earlier. Also, they often buy a starter home then upgrade to a larger home and start the mortgage process over again as their family grows.

Statistics indicate that in Utah, 26.2 percent of residents owned a house without a loan secured on that property. In the U.S. that number is 31.6 percent.

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