In a primer on Utah’s housing market, two housing experts described home ownership as a “fading dream for many renter households.”
Just 15% of Utah’s renter households can afford a home that costs between $300,000 and $400,000. That’s nearly $94,000 less than the median sales prices for homes statewide a year ago.
Median sales prices for single-family homes, town homes, twin homes (similar to but not the same as duplexes) and condos in spring 2023 ranged from $225,000 in Emery County to $1.3 million in Summit County.
And a recent report from the Utah Foundation noted millenials may not get a break, and it will be 2030 or later before they see the same levels of housing affordability that older generations had.
The Tribune wants to hear about people’s experiences with home shopping, whether they’re still trying or have given up. If you want to share, fill out the form below or at https://forms.gle/E8YcWypSQm6XHM6Y8.