Utah ranks tenth in the nation for most income spent on housing

SALT LAKE CITY — If your dollars aren’t stretching like they used to, you’re not alone. A new report ranked Utah tenth in the nation for the most income spent on housing.

This is according to a Construction Coverage report using data from the U.S. Census Bureau and Zillow to determine home price-to-income ratio.

A pattern in the report shows that Hawaii and the West Coast have the most unaffordable homes. The following states made it into the top ten: 

1. Hawaii
2. California
3. Montana
4. Oregon
5. Massachusetts
6. Washington 
7. Idaho
8. Colorado
9. Nevada
10. Utah

Deseret Mutual Benefit Administrators Financial Planner Gerika Espinosa was shocked at Utah’s rank, but not that surprised. She said many of her younger clients or single-income families feel discouraged, and many are working two jobs to make things work financially.

“Straight out of college, for most salaries, you’re not making $100,000, so that’s why we’re seeing a lot of people having to get a dual income,” Espinosa said.

The report said in 2024, the median house price is around $550,000 and the median income is $68,000.

Espinosa says she uses the 28% rule rule when advising clients about home ownership, a guideline that says monthly housing expenses should be 28% or less of your gross monthly income.

“One thing I always tell people when they get really discouraged about it … They can lock in their home price in hope that their income can increase overtime. That’s important for people to keep and mind and feel encouraged about,” she said.

Related: Federal housing vouchers in Utah in high demand