UTAH

New poll shows majority of Utahns are concerned about housing market

May 14, 2021, 9:41 AM

Utah housing market priced out...

(PHOTO: Canva)

(PHOTO: Canva)

SALT LAKE CITY — Eight out of 10 Utahns say they’re concerned about the raging housing market and skyrocketing prices, according to a new poll.

Housing market concerns highlighted in new poll

It comes after Salt Lake County saw a record-shattering sales year in 2020. Wasatch Front home prices shot up by double-digit percentages.

Specifically, in Salt Lake County, the median single-family home price climbed to $468,000 in the first quarter of 2021, which is up $68,000 from a year earlier.

The latest Deseret News/Hinckley Institute of Politics poll found that Utahns are largely taking note of the intense housing market. 47% of residents in the Beehive State are “very concerned” about the state’s current housing market, while 33% are “somewhat concerned.”

Only 11% are “not very concerned” and 6% report being “not at all concerned.”

Of those concerned about current trends, 70% selected affordability as an issue that worries them. 44% worry about a real estate bubble that may pop and another 40% report concerns about rising property taxes.

“It can’t be sustained”

James Wood, the Ivory-Boyer senior fellow at the University of Utah’s Kem C. Gardner Policy Institute, says he’s surprised that so many residents are concerned about market trends, considering many are likely already homeowners.

“I think it shows that people are concerned about the next generation,” he told the Deseret News. “It really is about the children when you’ve got a number that high.”

When it comes to some specific worries, like a real estate bubble that could pop, Wood shares their sentiment.

“It’s an unhealthy market and it can’t be sustained,” he said. “I don’t think there’s going to be any relief for those trying to get in the housing market in 2021, but I think we’ll see rates go up and prices moderate in 2022 and beyond.”

Independent pollster Scott Rasmussen conducted the poll of 1,000 registered voters in Utah April 30 to May 6. It has a margin of error of plus or minus 3.1 percentage points.

We want to hear from you.

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

Utah

(Eric Cabrera, KSL NewsRadio)...

Simone Seikaly

Possible carjacking in West Valley City leads to car fire, ramp closure

The UHP said a car was following another car eastbound on the 201 and moved onto the ramp toward NB I-15 when one car rolled and caught fire.

31 minutes ago

(Loren Richardson via KSL.com)...

Simone Seikaly

Brighton resident charged for confronting snowboarder with shotgun

According to court documents, and based on witness accounts, Keith Robert Stebbings threatened a snowboarder with a shotgun.

1 hour ago

Four cats relaxing on chairs and a cat tree at Fawn's Family Rescue...

Heather Peterson

Fawn’s Family Rescue provides lounge to relax with adoptable cats

Fawn's Family Rescue recently opened its doors in Bountiful. The new cat lounge provides a comfortable way for people to hang out with feline friends.

4 hours ago

Myrtle Spurge is often touted as deer-resistant and drought-tolerant, but the plant is rapidly inva...

Eliza Pace

Salt Lake County Health warns of harmful myrtle spurge plant

Myrtle spurge was originally introduced to Utah as a decorative plant but is an invasive species that has spread to natural areas.

9 hours ago

IRS texts are bogus. Picture shows a sign saying "warning, scam alert" on a keyboard...

Britt Johnson

Millions to be paid for Utah’s largest real estate scheme settlement

Over $10 million in refunds will go to victims of a Utah-based real estate scheme following the settlement of a lawsuit.

10 hours ago

A West Jordan man was arrested Tuesday for investigation of negligent homicide after he allegedly t...

Pat Reavy, ksl.com

West Jordan man shot, killed best friend while trying to ‘be funny,’ police say

A West Jordan man was arrested Tuesday for investigation of negligent homicide after shooting his "best friend."

19 hours 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.

New poll shows majority of Utahns are concerned about housing market