BUSINESS + ECONOMY

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.

Today’s Top Stories

Business + Economy

FILE -- This Nov. 15, 2020 photo shows a long row of unsold used Highlander sports-utility vehicles...
Britt Johnson

Used car prices dropping but supply still low

The prices of used cars are starting to fall in Utah, however, dealers are seeing a very low supply of used cars.
1 day ago
Homes line the horizon in Daybreak in South Jordan on Wednesday, July 13, 2022. The world's populat...
Allessandra Harris

South Jordan could see new housing development

Amid Utah's housing crisis, developers are taking advantage of over 200,000 acres in South Jordan for a new housing community.
2 days ago
A hiring sign is displayed in the window of a Panera Bread store in Pittsburgh on Monday, Jan. 23, ...
Paul R. La Monica, CNN

Jobs report to give further clues about where economy is headed

Economists predict that 185,000 jobs were added last month, a slowdown from the gain of 223,000 jobs in December and 263,000 in November.
3 days ago
File**People walk past the entrance to a Bed Bath & Beyond retail store along Sixth Avenue in N...
Paul R. La Monica and Nathaniel Meyersohn, CNN

Bed Bath & Beyond says it can no longer pay its debts

The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase.
5 days ago
With 24 other states on board, the Utah Attorney General announced on Friday a lawsuit against a De...
Simone Seikaly

Utah leading a lawsuit against new ESG rule affecting 401(k) plans

Utah Attorney General Sean Reyes said the states in the lawsuit are concerned about the federal government's promotion of ESG investing.
5 days ago
savings system right on the money...
Mark Jones

Economists are worried of a recession in 2023, financial expert weighs in

Many economists are fearing a recession in 2023 despite the U.S. economy ending last year better than expected.
6 days ago

Sponsored Articles

Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...
Macey's

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
Spicy Homemade Loaded Taters Tots...
Macey's

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
Priced Out: Utah homeowners see value increase, while options decrease