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Show I Cedar home costs lusher $MttM Copyright, 1981 i. I I. I I The Ir" County Record WmLI This article is the final in a three-part Sfejf 'ri 'FV series examining the cost of ling in Iron 5Pfs!. County. Today's story looks at the area's lirafJV nousin8 prices, both for apartments and BB&fj homes. The cost of living series will be fH J IPPlv repeated in The iron county Recr m tnree VJ By LEE WARNICK B B Record Editor JWJI The Record has decided to take its initial .jf,Vv"",l survey on housing costs (Dec. 4, 1980; p. 1, r im B I 3' one steP farther, i m I That 'rst survev ffered just average 1 $ fl rental costs for apartments with various V M, numbers of bedrooms, and compared them k. severa' other Utah cities. ' I" today's study, average costs to both r X rent an apartment and buy a home are in- 19. I I I eluded. The index average established in I J this survey will be used for future com- I JB P31"'50115 i e area. y"""WT More variables involved B 1 Unlike gasoline or food, establishing JLmJL housing costs presents some complexities. Whereas noting prices of gas or specific food f hB I items Presents no real sampling problems, I ill I conducting a housing survey of equal I I B reliability would be prohibitive, timewise. ' So Tne Record decided to gather data as Record art by Phil Htrminwn Part 3 Housing Prices extensive and reliable as possible, given time restrictions. With both rentals of apartments and homes for sale, advertising in live consecutive issues of The Record were reviewed and appropriate price data divided by the number of bedrooms and eventually averaged. While this technique offers the increased accuracy of a greater number of homes and apartments in the survey, some limitations must also be noted. This survey only samples those residences currently on the market. Also, prices are not always listed with homes or apartments, so only those giving price have been sampled. Finally, while nearly every category offered enough units to arrive at a solid average, some did not, and a few figures may not be considered as reliable as othi . . . The Record offers" "this survey as a relatively good indicator of general housing costs in the area, not a statistically-foolproof statistically-foolproof study. Cedar costs higher As might have been expected, it typically costs more to buy a house in Cedar City than in the Cedar Valley or other areas of the county. The difference, though, may not be as great as many have perceived. For instance, a two-bedroom home in Cedar averages just $800 more than Cedar Valley and $1,100 more than other county locations (primarily Parowan). Among three-bedroom houses, the Cedar average was a solid $3,100 greater than the valley and $3,200 more than other county areas. But among four-bedroom homes, the valley showed an excess of some $8,000 over Cedar City. Because of the few four-bedroom four-bedroom homes in the valley sampled, this figure is probably out of line. A Cedar City lour-bedroom home did cost $4,000 more than one in "other" county areas. Another important statistic to note in the accompanying chart is the "median" cost. (A median is taken by arranging all the samples in order of increasing cost. The number exactly in the middle of that list is the median, meaning the same number of lower and higher priced homes exist around this number.) Median costs in Cedar City were almost invaribly higher-usually $2,500 lo $6,000 higher. This means while the typical house in Cedar City would be higher priced than one elsewhere, there are still enough lower priced h homes on the market to lower Cedar's averages near those of the valley and other county areas. we HOUSE on page A3 apartments, so only those giving price have samples in order of increasing cost. The yr been sampled. Finally, while nearly every number exactly in the middle of that list is 1 v N the median, meaning the same number of r II 1A I N lower and higher priced homes exist around I JL y N. Af .j-X':-rgI tnis number.) mtm0' ' JMSF Median costs in Cedar City were almost If I 2HsAW'':':' -'Ms. invaribly higher-usually $2,500 lo $6,000 JIB Iklf UU II II II sTP-r higher. This means while the typical house - yy jf dml'- in Cedar City would be higher priced than f C)C I IMl II ''HM. one elsewhere, there are still enough lower fa! I IPJf priced h homes on the market to lower ( "I B JLiL W''-i Cedar's averages near those of the valley I VJ raafcjasjjgyy " - and other county areas. House cont. from page Al Rental prices apartments especially As in four-bedroom intended for college homes in Cedar Valley, a students could make this sampling of one-bedroom a somewhat realistic apartments on the figure, market resulted in a The $234.12 average for suspected figure for its two-bedroom apartments , average rent per month, was felt to be a better The $131.67 figure is average, as many more probably a bit low, units were available for though the multitude of the sample. Houses Average ' High Low Median 2 bedroom-Cedar 44,792 52,500 32,500 44,500 2 bedroom-Valley 44,000 47,000 40,500 42,800 2 bedroom-Other 43,680 47,900 41,500 42,500 3 bedroom-Cedar 56,399 105,000 40,000 55,500 3 bedroom-Valley 53,297 75,000 38,500 51,900 3 bedroom-Other 53,212 89,900 45,000 48,000 4 bedroom-Cedar 64,470 110,000 45,000 62,000 4 bedroom-Valley 72,243 87,000 47,000 79,900 4 bedroom-Other 60,363 82,500 47,900 59,900 Apartments Average High Low Median 1 bedroom 131.67 160 100 135 2 bedroom 234.12 250 220 240 |
