HOUSING + HOMELESSNESS

‘Something has to give’: Utah housing prices are still too high

Oct 9, 2023, 1:00 PM | Updated: Oct 10, 2023, 10:01 am

Homes are pictured in North Salt Lake. Utah housing prices are still too high for buyers....

Homes are pictured in North Salt Lake on Monday, Aug. 28, 2023. Utah housing prices continue are still too high for buyers. (Kristin Murphy, Deseret News)

(Kristin Murphy, Deseret News)

SALT LAKE CITY — There’s not a lot of good news for home buyers. Mortgage interest rates are creeping toward 8% and Utah housing prices are still high. A new report from the Salt Lake Board of Realtors shows the median price for a house in Salt Lake County is now $600,000. That’s down from $610,000 back in July. 

Listen at 10:35 a.m. to Dave and Dujanovic!

 

KSL NewsRadio spoke with people about whether they could afford to buy one of these median-priced homes. Eva and Rich can’t believe they have so much money.

“We feel bad for people that just came out of college and are trying to find their first home. They’ve pretty much given up,” Eva said. “Either the houses have to go down or the interest rate, ’cause salaries aren’t gonna go up,” Eva said.

Kayla and Tyler also couldn’t believe it. They bought their home in Tooele just under three years ago before interest rates spiked. Their interest rate was only 2.25%.

Tyler’s brother recently started looking to buy a house. 

“They’re one day in and it was devastating,” Kayla said. “They couldn’t believe the prices.”

Another homeowner named Curt said he’s glad he’s been in his home for about 14 years because he couldn’t afford to buy it now. Curt’s kids are too young to be looking for a house, but he doesn’t know what they’ll do when they are. He said they’ll likely have to share rent with other people and just live out of a bedroom. Or, they’ll have to stay with him and his wife, “never actually leaving the roost.”

Curt said he also knows people who couldn’t afford to buy a house when the median price was $300,000 and $400,000 – let alone $600,000.

“I already have a lot of family, a lot of friends, who are stuck, who can’t get a place to live,” Curt said. “It’s impossible. It feels like something has to give.”

Curt thinks he knows why houses are so expensive.

“We have one of the fastest growing economies, people are emigrating from all over the country to get jobs [in Utah],” Curt said.

He said California median house prices are pretty good. Depending on where people are coming from, they can afford to move to Utah because they were able to sell their houses for $600,000. The real issue is for first-time buyers. They don’t have enough capital or a way to raise a down payment.

Louis just moved from California. He said the amount he got for his house isn’t enough to get a home here.

“We thought that what we made out of the sale would help us, but it doesn’t seem to go a long way,” Louis said.

He has a realtor, but said it’s hard to negotiate. He’s living with his daughter in the meantime.

“We’ve been discussing now whether to rent or just wait until we get kicked out of our daughter’s house,” he said.

Curt said he thinks we’re in for some bad times.

“Even lowering interest rates doesn’t get them into a home at $600,000. Unless wages just all of a sudden skyrocket, but that’s just gonna cause the house prices to go up as well, so that wouldn’t work either. So, at some point, the bubble has to pop,” said Curt. 

Related stories: 

We want to hear from you.

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

Housing + Homelessness

a box of food for food pantries...

Heather Peterson

Food pantries running low due to spike in demand

According to Feeding America, 316,980 people are facing hunger in Utah, and 93,050 are children.

2 days ago

FILE: A "For sale" sign in front of a home in North Salt Lake on Monday, Oct. 30, 2023....

Curt Gresseth

Utah home prices not likely to fall soon, says real-estate expert

Utah home prices are back up and so are interest rates -- and they will stay high says a Utah real-estate expert.

4 days ago

Homelessness grew by 12% in 2023 from last year, meaning 70,650 more people were unhoused....

Mariah Maynes

No one-size-fits-all solution to help those experiencing homelessness, expert says

Those experiencing homelessness in Utah often are presented with similar options, regardless of their situation. 

6 days ago

A for sale sign is pictured in North Salt Lake on Monday, Aug. 28, 2023. A new report on Utah’s e...

Don Brinkerhoff

Expert weighs in on home prices in Utah

Home prices in Utah are staying relatively flat however, fluctuating interest rates are pricing homebuyers out.

6 days ago

People experiencing homelessness walk in the street near a winter overflow shelter at St. Vincent d...

Peter Johnston

Code blue bill would open emergency beds at 18 degrees

The legislature is considering whether to raise the temperature at which emergency beds open up during code blue alerts. 

6 days ago

the front of a homeless shelter, budget plan utah...

Eric Cabrera

Salt Lake business leaders show support for governor’s budget plan to help homeless people in Utah

Leaders who approve of the budget plan said they had seen a huge difference in downtown Salt Lake over the past six months.

12 days 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.

‘Something has to give’: Utah housing prices are still too high