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)

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.


Today’s Top Stories


winds may be to blame paraglider9-year-old boy taser swat dog dynamite evacuation shoplifter injury...
Mark Jones

Man stabbed following altercation in Washington City

A southern Utah man suffered a serious stab wound to his arm Monday following a verbal altercation with an ex-girlfriend.
22 hours ago
(The Utah Olympic Oval in Kearns.  Photo: Paul Nelson, December 6, 2021)...
Paul Nelson

Diplomatic boycott doesn’t change Salt Lake City’s bid for future winter games

Despite a diplomatic boycott of the upcoming Winter Olympics in Beijing, it doesn't change anything for committee trying to bring the Games back to Salt Lake City.
22 hours ago
FILE- Davis County School District headquarters. Photo: KSLTV...
Paul Nelson

Davis School District tells how it’ll improve handling of racism investigations

Davis School District is describing how it will improve the handling of racism investigations.
22 hours ago
layton football player suspended over n word...
Kira Hoffelmeyer

Black Layton football player punished after being called a racial slur

A Layton football player says he received a suspension for using a racial slur, but he says it was only used to tell someone not to call him the n-word.
22 hours ago
covid pill...
Curt Gresseth

Utah doctor weighs in on new COVID-19 pill you can take at home

A University of Utah doctor specializing in infectious diseases weighs the pros and cons on a new pill taken at home to treat coronavirus.
22 hours ago
Two police officers are injured in a shootout Dec. 1 in Taylorsville.  Photo courtesy of Jay Hancoc...
Kira Hoffelmeyer

Second officer released from hospital after shooting in West Valley City

A West Valley police officer, wounded in a Dec. 1 shootout, was released from the hospital on Monday.
22 hours ago
Half of Utahns can’t afford to buy a home