This story is part of The Salt Lake Tribune’s ongoing commitment to identify solutions to Utah’s biggest challenges through the work of the Innovation Lab. [Subscribe to our newsletter here]
In a primer on Utah’s housing market, two housing experts described home ownership as a “fading dream for many renter households.”
Just 15% of Utah’s renter households can afford a home that costs between $300,000 and $400,000. That’s nearly $94,000 less than the median sales prices for homes statewide a year ago.
Median sales prices for single-family homes, town homes, twin homes (similar to but not the same as duplexes) and condos in spring 2023 ranged from $225,000 in Emery County to $1.3 million in Summit County.
And a recent report from the Utah Foundation noted millenials may not get a break, and it will be 2030 or later before they see the same levels of housing affordability that older generations had.
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