Utah homeownership rates decrease despite massive growth, study finds

SALT LAKE CITY—Despite Utah leading the nation in growth over the last decade or so, a new study finds fewer Utahns are buying homes.

Real estate analysts with AgentAdvice found that Utah homeownership rates dropped just over 2% from 2014 to 2023.

Utah was one of only 10 states in the nation to see a homeownership rate decrease. Only Oklahoma, Colorado, Missouri, New York and New Jersey saw bigger decreases.

Thirty-nine states saw a homeownership increase in the last decade. Oregon was the only state to break with a 0% change.

Maryland, North Dakota, Montana, Kentucky and Alabama saw the biggest increases in homeownership in the last decade.

Analysts didn’t give any written thoughts on Utah or why less people are buying homes in the Beehive State.

As for those states with the biggest jump in homeowners, analysts gave some possible reasons including things like strong economies and affordable housing.

Utah was listed as the nation’s fastest-growing state in the 2020 U.S. Census, but the state’s home prices have risen dramatically since the COVID-19 pandemic.

Another report released earlier this year, ranked Utah as one of the least affordable states to buy a home.

Related:

• Utah homeowners insurance rates have skyrocketed
• More single women are homeowners than single men, report shows

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