New report ranks Utah as one of the least affordable places to buy a home in the U.S.
Mar 25, 2024, 9:05 AM | Updated: Apr 1, 2024, 2:12 pm
A for sale sign is pictured in front of a home in Salt Lake City (Kristin Murphy/Deseret News)
(Kristin Murphy/Deseret News)
SALT LAKE CITY– Utah is one of the least affordable places to buy a home in the entire country thanks to surging prices according to a new report.
According to BestBrokers.com Utah doesn’t have the most expensive home prices in the nation, but when compared to the average Utahn’s income, the Beehive State is one of the hardest places to afford a home.
As of the end of last year, Utah’s median home price was more than $533,000. The state’s individual income per capita was just above $63,000. That comparison makes Utah the third-least affordable state to buy a home in the nation, behind only Hawaii and California.
The top 10 least affordable states for home-buying, which include nine western states, are:
- Hawaii
- California
- Utah
- Idaho
- Montana
- Oregon
- Washington
- Colorado
- Arizona
- Rhode Island
One region also dominated the most affordable states to buy a home. According to the report, if you want to afford a home, the best place to go is the midwest.
Nine midwestern states landed in the top ten most affordable places to buy a home in the U.S. Those states are:
- North Dakota
- Iowa
- Illinois
- Ohio
- Pennsylvania
- Michigan
- Missouri
- Kansas
- Oklahoma
- Indiana
