Priced Out: Utah homeowners see value increase, while options decrease

Apr 14, 2021, 8:59 AM | Updated: May 15, 2021, 5:54 pm

Most Utah homeowners are seeing the value of their house increase, although opportunities to move e...

Most Utah homeowners are seeing the value of their house increase, although opportunities to move elsewhere are few and far between. (IMAGE: KSL Newsradio, Adobe Stock)

(IMAGE: KSL Newsradio, Adobe Stock)

Editorial note: This is part three of a series on affordable housing, called “Priced Out.” You can see the other parts of our coverage here

SALT LAKE CITY — Rising home prices throughout Utah have made it hard for many people to find a good house at a reasonable price, but what about current homeowners?

Many homeowners are staying put

In Utah’s current housing market, securing a bid and closing on a home is no small feat. Just ask Ryan Rhodes. He moved to Utah from Illinois two years ago and is just now ready to close on a home purchase in West Valley City.

“Along with our realtor, we probably looked at, I don’t know, close to a hundred houses,” he says. “We have probably submitted 25 offers.”

While he’s relieved to have some stability on the horizon, it does beg the question of what’s next down the line? Countless Utah homeowners face this dilemma, where either their family has outgrown a starter home or they want to move to be closer to work or loved ones.

The short answer: it’s not nearly as easy to pull this off as it once was. House Speaker Brad Wilson has owned his own homebuilding business for almost two decades.

“There’s a lot of people who have been in their homes for a long time, who would like to move and make a change, because of a change in their life circumstances,” he explains. “But because of a lack of options and availability, they actually aren’t.”

The advantages of keeping a home

Utahns who bought a home years ago and have no desire to move are the big winners in all of this, according to James Wood with the Kem C. Gardner Policy Institute.

“I would guess that just in 2020, the equity increase for homeowners in Utah is somewhere between $15 and $20 billion,” he says.

In a study conducted late last year, Wood found that in the last five years, prices have gone up over 60% for the median sales price for a home or condo. He says it’s a staggering trend that’s making the idea of staying put even more attractive to current homeowners.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

Lake Powell as seen from Navajo Mountain. The Navajo Nation is asking why their request for funding...

Eric Cabrera

Navajo Nation left wondering why funding continually denied

The Navajo Nation is asking why their request for funding for a road has been denied for the last 15 years.

2 days ago

Now hiring sign...

PAUL WISEMAN AP Economics Writer

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Far from stumbling, the economy grew 2.5% for all of 2023, topping the 1.9% growth in 2022.

2 days ago

baby feet, utah postpartum retreat helps new moms...

Britt Johnson

Utah company aims to help postpartum moms with special retreats

The founder of Utah Postpartum Retreat said she thinks new moms are at high risk for developing postpartum mood disorders because they lack support.

2 days ago

Power lines are pictured in utah, utah has lower electricity bill than other states...

Tammy Kikuchi

Study shows Utahns pay cheapest electricity bills in the country

Utah residents are paying less for power than any other state. Rocky Mountain Power says they work hard to keep it that way.

3 days ago

Welcome to Tooele sign is pictured on Saturday, Oct. 10, 2020.A Child was taken to a nearby Hospita...

Britt Johnson

Tooele Valley Airport to get some major updates

A new master plan for the Tooele Valley Airport will be shared with the public this week.

3 days ago

FILE - President Joe Biden speaks on student loan debt forgiveness, in the Roosevelt Room of the Wh...


Biden says too many Americans are saddled with school debt as he cancels federal loans for 153,000

The first round of forgiveness from the SAVE plan will clear will help with $1.2 billion in student loans.

3 days ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

Priced Out: Utah homeowners see value increase, while options decrease