HOUSING + HOMELESSNESS

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

Oct 9, 2023, 1:00 PM | Updated: Mar 12, 2024, 8:22 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. 

Tune in 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

Davis County learned over the weekend that the temporary Davis County warming center it was using i...

Bryanna Willis

Davis County warming center changes location due to early building demolition

A Davis County warming center has changed its location after the city got word that the building it was originally using is set for an early demolition.

2 days ago

A "For Rent" sign is attached to a fence at a home in West Valley City, Utah on Monday, July 10, 20...

Randall Jeppesen

Rent bill sputters out in Utah Legislature

The Utah Rental Housing Association opposed the bill, saying the sponsor hadn't taken their concerns into account.

3 days ago

ground is broken on a weber county development for starter homes...

Britt Johnson

Gov. Cox’s starter home goal may face roadblocks, builder says

One Utah builder said Gov. Spencer Cox's goal of building 35,000 new starter homes over the next few years is possible but not easy.

11 days ago

FILE - The Federal Trade Commission building stands in Washington, Dec. 8, 2024. (AP Photo/Jose Lui...

Allessandra Harris Gurr

FTC lawsuit could bring funds to Utah renters

The Federal Trade Commission and the state of Colorado filed a lawsuit against Greystar Management Cooperation.

11 days ago

A "For Rent" sign is attached to a fence at a home in West Valley City, Utah on Monday, July 10, 20...

Allessandra Harris Gurr

Salt Lake City ranked one of the most affordable metros for renters

Rent is "affordable" if it makes up less than 30% of the renter's income, according to Redfin.

15 days ago

Unsheltered people gather at St. Mark's Episcopal Cathedral in Salt Lake City to keep warm on Monda...

Allessandra Harris Gurr

Cities in Utah County asked for donations to warming centers

The Utah County Winter Response Task Force is asking for voluntary funds from cities to help maintain their warming centers.

15 days ago

Sponsored Articles

Full speed through the snow. A man on skis is pulled by his through the snow at full gallop Skijori...

Bear Lake Convention and Visitors Bureau

Get ready for an unforgettable skijoring adventure in Bear Lake!

“Skijoring the Bear” takes place this year on February 21-22 in Garden City, Utah.

the bedroom in a geodesic dome shows the night sky...

Clear Sky Resorts Bryce Canyon

Your front row to an extraordinary cosmos show

As America's first glass dome stargazing resort, Clear Sky Resorts Bryce Canyon is one of the world’s most unique and spectacular places to stay.

2 people huddled up in a blanket and warm clothes sipping hot chocolate...

Bear Lake Convention & Visitors Bureau

The best ways to spend your Christmas vacation in Bear Lake

If you're dreaming of a white Christmas this year, Bear Lake should definitely be on your radar. Read this guide for more!

big crowd of people under holiday lights in an outdoor market...

Western Nut

Our favorite family Christmas activities in Utah

We gathered up a list of our favorite activities, movies, and treats to try this holiday season that the whole family can enjoy.

an IT tech looks at a laptop in front of a server network...

Comcast Business

Tips to protect yourself from phishing attacks

Check out this resource from Comcast Business to learn more about phishing attacks and how to protect yourself from becoming a victim of one.

A surprise gift, wrapped and ready to bring holiday cheer! Whether for Christmas, a birthday, or an...

Western Nut

10 Holiday Gift Ideas to cover everyone on your list

This guide is for you if you need holiday gift ideas that will make a lasting impression. 

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