High home prices getting you down? Unrelated buyers can share cost.

Aug 24, 2022, 5:13 PM


The Park City or Summit County homes on Zillow may not actually be for sale. File Photo: Daniel Acker/Bloomberg/Getty

SALT LAKE CITY — Competition in the Utah housing market may be cooling but home prices remain stubbornly high. But what if there was a workaround for buyers who don’t qualify for a loan?

The median price for a single-family home in Salt Lake County is now $600,000, compared to $550,000 last July.

Thomas Wright, real estate agent, joins KSL NewsRadio’s Dave Noriega and Debbie Dujanovic to discuss alternative home buying options.

KSL NewsRadio’s Dale Spaulding reports that things are cooling off in the Utah housing market even if prices haven’t dropped.

Salt Lake Board of Realtors Communications Director Dave Anderson says competition to get into a home is gone.

“For homebuyers, they have a lot more choice. The multiple offers that we saw in 2020 and 2021 have disappeared. You don’t have to compete with 20 or 40 other people, and you don’t have to make an offer above asking price.”

High home prices

Dave said he was talking with a newlywed couple whose combined income of $140,000 would take them to a $400,000 limit on a home purchase.

“So, when you say the new medium [-priced] house is $600,000 — this couple is making good money, really good money — they don’t even qualify,” he said.

“So, they could go buy an $800,000 home and qualify for it if they bought it with another couple,” Debbie said.

“You can have up to four unrelated separate borrowers on a conventional loan,” Wright said. “It’s one more thing in the toolbox of the solutions we need to have to this affordable housing crisis, right?”


How to Buy a House with Multiple Owners


Dave & Dujanovic can be heard weekdays from 9 a.m. to noon. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app, as well as Apple Podcasts and Google Play. 

We want to hear from you.

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

Today’s Top Stories

Dave & Dujanovic

salt lake bees fans come back to smiths ballpark...

Mark Jones

Ballpark Next competition ends, ‘She Plays Here’ design among the winners

One of the winners in the Ballpark Next competition joins Dave and Dujanovic to discuss what the future of Smith's Ballpark may look like.

2 days ago

Rep. Chris Stewart, R-Utah, announced Wednesday that he is resigning his seat in the U.S. House ove...

Curt Gresseth

County clerk discusses special election to replace Stewart

Weber County Clerk Ricky Hatch discusses the steps required to fill the House seat of Republican Rep. Chris Stewart.

4 days ago


Carlos Artiles Fortun

Utah party chairs react to special election, both confident of a win

Republicans are confident that their party will win the seat, but Utah Democrats say, don't rule them out.

4 days ago

Pride month merchandise is displayed at a Target store Wednesday, May 24, 2023, in Nashville, Tenn....

Devin Oldroyd

Should Pride clothing be in the kid’s section?

Target has fallen out of favor with many loud voices over its Pride line of clothing. Should Pride clothing be in the kid's section?

5 days ago

State Farm stops home insurance sales in California...

Curt Gresseth

State Farm Insurance pulls out of California because of catastrophes and increasing costs

State Farm Insurance is no longer accepting homeowner insurance applications in California.

5 days ago

brad wilson is pictured speaking...

Mark Jones

How will the $40 million in flood mitigation be used?

Where is the $40 million in flood mitigation being spent. It's a topic that Dave and Dujanovic discuss Thursday with House Speaker Brad Wilson.

9 days ago

Sponsored Articles

close up of rose marvel saliva blooms in purple...

Shannon Cavalero

Drought Tolerant Perennials for Utah

The best drought tolerant plants for Utah can handle high elevations, alkaline soils, excessive exposure to wind, and use of secondary water.

Group of cheerful team members high fiving each other...

Visit Bear Lake

How To Plan a Business Retreat in Bear Lake This Spring

Are you wondering how to plan a business retreat this spring? Read our sample itinerary to plan a team getaway to Bear Lake.

Cheerful young woman writing an assignment while sitting at desk between two classmates during clas...

BYU EMBA at the Marriott School of Business

Hear it Firsthand: 6 Students Share Their Executive MBA Experience at BYU’s Marriott School of Business

The Executive MBA program at BYU offers great opportunities. Hear experiences straight from students enrolled in the program.

Skier being towed by a rider on a horse. Skijoring....

Bear Lake Convention and Visitors Bureau

Looking for a New Winter Activity? Try Skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.

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.

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.

High home prices getting you down? Unrelated buyers can share cost.