Purpose: A whole life insurance policy providing $2,000–$35,000 in coverage to cover funeral and end-of-life costs.
Eligibility: Requires no medical exams; approval based on answering basic health questions, making it accessible for most individuals.
Mortgage rates may stay elevated at 6-7% due to inflation and monetary policy.
Proposed tax changes could boost homeownership through mortgage deductions and capital gains adjustments.
Utah lawmakers are struggling to tackle the state's housing affordability crisis, as recent bills promoting smaller housing types have stalled. HB88 and HB90, which proposed mandatory accessory dwelling units and smaller lot sizes, faced local government resistance over control issues. Lawmakers prefer incremental changes and partnerships with local leaders. Critics fear these mandates could disrupt local planning, while supporters argue they're essential for boosting housing supply and affordability.
A Utah House committee did not vote on two housing bills, HB 88 and HB 90, aimed at addressing the state's housing shortage, despite support from the governor's office. HB 88 would allow detached accessory dwelling units in urban residential zones, while HB 90 would permit single-family homes on smaller lots. The bills faced opposition from the Utah League of Cities and Towns, which argued they would undermine local land authority. Utah's housing shortfall continues to grow, with a need for 153,000 new units by 2030.
Start preparing finances early: Ensure credit is good, calculate affordability, and get ready to make a competitive offer.Current market improvements: 2025 offers better opportunities for buyers after high prices and limited options in 2024.
Maintain a Good Credit Rating: Strong credit scores often lead to lower premiums for auto and homeowner insurance.Drive Safely: A clean driving record and good grades for students can significantly reduce insurance costs.
Utah lawmakers are facing challenges in addressing the housing affordability crisis, with two bills aimed at allowing smaller homes failing to progress in the legislative session. Rep. Ray Ward's proposals, which included permitting accessory dwelling units and smaller lot sizes, faced opposition from local governments concerned about losing control over zoning. Critics argue that such measures could lead to uncontrolled development, while supporters believe they are necessary to increase housing supply. The legislature appears to favor incremental changes rather than sweeping reforms.
Start house hunting in January to benefit from lower prices and reduced buyer competition.
Hire a local Real Estate agent with expertise in undervalued properties and market trends.
A Utah bill requiring landlords to provide two months' notice before raising rent has been halted for the third consecutive year. The House Business, Labor, and Commerce Committee rejected HB182, which aimed to give tenants more security. The Utah Rental Housing Association opposed the bill, anticipating it wouldn't pass in its current form. Current law allows rent increases during lease terms with varying notice periods based on lease agreements. Advocates are encouraged to contact lawmakers for future negotiations.