The Utah economy continues to perform. These are prosperous times. However, with every economic expansion, there is usually a party pooper. Utah’s economic party pooper may well be rapidly rising housing costs that are pricing moderate to low-income people out of the market.
Utah’s millennials, schoolteachers, first responders and many other people starting their careers may find it near impossible to find affordable housing. Following are data from a new report on Utah’s housing affordability challenges’ findings:
- Utah’s rate of housing price increases ranks 4th highest in the nation over the past 26 years.
- Utah faces a housing shortage that will likely continue for several more years.
- A gap exists between growth in income and housing prices.
- Rising interest rates over the next few years will intensify the problem.
- The median sales price of a home in Utah’s two largest metropolitan areas is now 2- percent higher than home prices in neighboring metros of Boise, Las Vegas and Phoenix.
The time to act is now.
For full article, see https://www.deseretnews.com/article/900017887/act-now-to-avoid-a-housing-affordability-crisis-in- utah.html