Nathan Payne bought a 4-bedroom Utah property with a barn for $380,000 seven years ago. Today, the same market has monthly mortgage payments hitting $3,000 to $4,000, pricing out young adults. A 24-year-old can't afford to move out.
My name is Nathan, Nathan Payne. When we moved here 7 years ago.
Okay, how do you like it?
Utah.
Utah, I gotcha.
They've made it impossible for kids out here because, uh, the prices—
oh, the prices are stupid.
Yeah, I think prices are still really high, but I don't see houses moving as fast because the interest rate is still so high.
Yeah, do you think that is— I'm curious.
Well, we moved here 7 years ago and I bought a 4-acre, 3,200-square-foot, 4-bedroom with a barn, arena, and round pen for $380,000.
Wow. Now, and you're not finding that now for $380,000? Not happening.
And I mean, who can afford $3,000 a month as a house payment?
Yeah, it's crazy. Like, I sold a house for half a million in West Valley, and the payment's like almost $4,000. Right. It's like, who can afford that?
Exactly.
Wow. Okay, so the prices you think are way too high, and the wages and the interest rates are just so high that it makes it so hard for someone to buy?
Like, my 24-year-old can't move out.
Okay.
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