HOUSING + HOMELESSNESS

Utah housing still unaffordable for many despite slowing market

Feb 23, 2023, 7:00 AM | Updated: Sep 11, 2023, 11:12 am

a for sale sign is pictured, utah housing is still too expensive for most...

A realty sign at a property in the Salt Lake City on Friday, Jan. 6, 2023. (Scott G Winterton/Deseret News)

(Scott G Winterton/Deseret News)

SALT LAKE CITY — Utah is near the bottom of the list for affordable housing in the entire nation. While raised interest rates have slowed the market down, it hasn’t made it any more affordable.

While the market has slowed, realtor Jordan Smith said we just don’t have enough houses to go around.

“We’re below 7,000 homes as far as inventory. As long as the rates continue to rise, I think we’re going to see a suppression of inventory.”

Smith doesn’t think the housing situation will ease up any time soon.

“Here in Utah, I don’t think we’re going to see the “bottoming out” or “crashing” of the market. There’s just not enough inventory.”

Smith said many have had to get creative in the buying process in order to afford a home.

“Co-borrowing’s huge and that’s on the rise.”

But prices are unlikely to drop soon, forcing many into a difficult situation.

“I don’t know what I’m going to do”

Jason Williams is a Riverdale resident who’s being forced from his mobile home park.

“We have until May 30, May 31 to move out,” Williams said.

The mobile home park he lives in is making way for apartments, but he and his neighbors don’t have another park they can easily move into.

Also, the average apartment rent in the area is almost double what these residents are used to paying.

“I don’t know what I’m going to do. I can’t afford to buy a home right now so I’ll probably live in my motor home for a while.”

Related:

We want to hear from you.

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

Housing + Homelessness

FILE -- The gathering room at the YCC Family Crisis Center in Ogden is pictured on Tuesday, July 9,...

Heather Peterson

Transitional housing for domestic violence victims opening soon in Ogden

Victims of domestic violence will soon have another way to escape dangerous situations in Weber County. The YCC Family Crisis Center is building transitional housing by way of a new 14-unit apartment complex in Ogden to house domestic violence victims. Domestic violence is cited as the reason 22-57% of women experience homelessness by the National […]

6 days ago

The housing market in Utah is competitive and shows minimal signs of slowing....

Aimee Cobabe

Unwelcome Home: Exploring the challenges of buying a home in Utah

The housing market in Utah remains as competitive as ever. Some people are braving it, some just can't stand it.

16 days ago

Nationally, economists think retiring baby boomers downsizing their homes could be a rapid solution...

Don Brinkerhoff

Utah’s housing shortage: Could baby boomers downsizing be the solution?

Nationally, economists think retiring baby boomers downsizing their homes could be a rapid solution to the housing shortage.

19 days ago

Single-family homes under construction in Saratoga Springs are pictured on Tuesday, July 19, 2022....

Adam Small

2023 saw far fewer building permits in Utah, report says

The Ogden-Clearfield metro area had the biggest percentage decline in building permits year-over-year, nose-diving by 34%.

26 days ago

An empty bedroom is seen in an affordable housing building run by Central City Concern, a Portland-...

HALLIE GOLDEN and CLAIRE RUSH, AP

Micro-apartments are back after nearly a century, as need for affordable housing soars

"Micro-apartments," small single rooms with a shared kitchen or bathroom, are popping up around the country.

29 days ago

Utah's economic growth has slowed year over year, with the Department of Workforce Services reveali...

Eric Cabrera

Fewer people moving to Utah means slower economic growth

Utah's economic growth has slowed, with the Department of Workforce Services revealing fewer people are migrating to Utah than years prior.

1 month ago

Sponsored Articles

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

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.

Utah housing still unaffordable for many despite slowing market