ALL NEWS

Half of Utahns can’t afford to buy a home

Oct 27, 2021, 11:28 AM | Updated: 6:37 pm
Utah home prices...
Home heating prices are on the rise around the country, but not as high in Utah, (PHOTO: KSL TV)
(PHOTO: KSL TV)

SALT LAKE CITY — Over half of Utah’s households can’t afford a home. This is due largely to skyrocketing real estate prices over the last year and quarter. 

The number of people buying a home in the third quarter of 2021 fell by 20% from the same period last year, according to UtahRealEstate.com

Matt Ulrich, the president of the Salt Lake Board of Realtors, stated the average cost of a single-family home rose $120,000 in 2021. This is a 28% increase in the median price from the third quarter of 2020.

Ulrich also referenced a recent study from the University of Utah, saying it “shows that more than half of Utah’s households are now unable to afford the median single-family home.”

He continued to explain that Utah’s current housing shortage may take years to rebalance. 

According to the Salt Lake Board of Realtors, the average cost of a home in Salt Lake County hit $550,000 in the third quarter of 2021, which is a new quarterly high. Surrounding counties are not far behind.

The median price of a single-family home in Utah County rose above the $500,000 mark for the first time ever.  Davis County prices weren’t far behind at $497,000, according to the board.

Home prices in Weber and Tooele counties also hit record highs in 2021.

Meanwhile, listings of homes for sale fell 7% in Salt Lake County this year compared to the third quarter in 2020.


Related:

Today’s Top Stories

All News

salt lake city police south temple gas scare...
Devin Oldroyd

SLCPD activate OICI following the death of a suspect in police custody

SLCPD has activated and OICI following the death of a suspect while in police custody.
1 day ago
Three people are being charged after they staged a kidnapping in West Valley....
Devin Oldroyd

Three people charged after staged kidnapping for YouTube video, police say

Three people are being charged with disorderly conduct after they conducted a staged kidnapping in West Valley on Saturday.
1 day ago
Police say, missing 43-year-old Stanton Porter was found deceased in a shed on his family's propert...
Devin Oldroyd

UPDATE: Family of missing Stanton Porter releases statement regarding his death

Police say, missing 43-year-old Stanton Porter was found deceased in a shed on his family's property.
1 day ago
robert palmer sentenced...
MICHAEL KUNZELMAN Associated Press

Some Capitol rioters try to profit from their Jan. 6 crimes

Facing prison time and dire personal consequences for storming the U.S. Capitol, some Jan. 6 defendants are trying to profit from their participation in the deadly riot, using it as a platform to drum up cash, promote business endeavors and boost social media profiles.
1 day ago
murray...
Mark Jackson

Most Murray City school students start back on Monday

Murray City schools are back in session tomorrow for most district students. Students in first through 6th grades, and 8th and 12th graders will report on Monday.
1 day ago
The Capitol is seen as members of the House of Representatives vote on a short-term lift of the nat...
Daniella Diaz and Aaron Pellish, CNN

Man fatally shoots self after crashing car into barricade near US Capitol Building

A man shot and killed himself after driving into a vehicle barricade near the US Capitol Building early Sunday morning, US Capitol Police said.
1 day ago

Sponsored Articles

Half of Utahns can’t afford to buy a home