More than half of Utah households were unable to afford the median-priced home in 2021.
Utah's housing demands have driven prices beyond what most residents can afford.What used to be outrageous is now the norm in Utah’s housing market.
Driven by historically low inventory and a generation of millennials coming of age and ready to buy their first house, prices and competition have soared over the last year. “It’s almost like a geopolitical event in a way,” said Dejan Eskic, a researcher with the Kem C. Gardner Policy Institute. “Every day there’s something new.”
To buy a house, people are putting down non-refundable deposits and offering many thousands above the asking price. They’re waving inspections and ignoring the appraised value of the house. Those kinds of offers were almost unthinkable just a few years ago.To read more about the Utah housing market, This article is published through the Utah News Collaborative, a partnership of news organizations in Utah that aim to inform readers across the state.
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