By Lauren Grizzle
One of the biggest financial decisions married student couples face concerns housing.
When deciding where to live, students should look at their income and the amount of time they are planning to stay in Provo. They also need to consider their debt and their credit rating.
“As a rule of thumb, if you are not going to be in a place for two or three years, financially, it is usually better to rent than to buy,” said Maribeth Clarke, associate professor of Family Life and Home Economics.
However, if a couple is planning on staying in Provo, purchasing a home is a good idea while housing interest rates are at an all-time low, Clarke said.
Austin Cusak is a married student at BYU who owns a condo in Springville. He advises any student who will be in Provo for three years to put a down payment on a condo or a home. Cusak pays $488 a month for two bedrooms.
“My wife and I are able to build credit so that we can eventually make a purchase on a home,” Cutler said.
Students would first need to consider the amount of their income if they want to purchase a home.
Clarke figures about two and a half times a couple”s income is approximately the amount they can afford on a house. That formula for student couples would mean they need an income of about $40,000 to purchase a $100,000 condominium.
However, Clarke said, with interest rates low right now, a student might qualify for a $95,000 condo with a $30,000 income.
The amount of debt a couple has will also impact their buying power, Clark said. For every $50 dollars of excess debt, a couple can expect a $5,000 reduction in the amount of mortgage they will qualify for.
“Married couples who do not have car loans, student loan debt and credit card balances can qualify for more house with less income,” Clarke said.
“Couples who have access to a larger down payment can also qualify for a house with less income.”
Some students plan on leaving Provo soon after graduation and would rather rent.
BYU offers two family housing units: Wyview and Wymount. Compared to the average off-campus rent of $485 to $805 a month, Prices at Wyview and Wymount range from $442 to $562 a month, Briggs said.
On-campus housing provides social benefits to married couples. Tenants like the environment because everyone is in the same situation while going to school and starting new families.
“Tenants like the close-knit community and the proximity to campus,” said Briggs.
Depending on the time of year, getting into on-campus family housing can be difficult. Students will move out occasionally during the semester; however, most students leave during April, August and December, said Garry Briggs, manager of Student Family Housing
Busy students living in on-campus housing do not need to worry about maintenance obligations or transportation costs. Tenants also save on utilities. At Wymount and Wyview, rent includes gas, telephone, and cable TV.
There are currently two and three bedroom apartments available for immediate occupancy at Wyview, said Briggs.
“We would really like to get into Wyview because it is a lot cheaper and nicer than where we live now,” said student Brooke Cutler.
Utah Legal Services offers the “Utah Renters Handbook,” a book that lists the responsibilities and rights of renters and landlords of different locations.
For information about on-campus family housing, students can contact the Campus Accommodations Office at or 378-2611.
