SALT LAKE CITY — Although a new study claims the housing market in Utah has stabilized a bit, affordability remains a real issue, with nearly every renter unable to afford to buy a home in the state.
A Kem C. Gardener Policy Institute study released Wednesday showed how the estimated annual income needed to purchase a median-priced home fell by $2,000 to $147,000 during the first half of the year.
However, from the first quarter of 2025 to 2026, median home sale prices increased to $520,000, up from $500,000, with Utah now ranking as the 10th most expensive single-family housing market in the country.
Ten years ago, a median-priced single-family home in Utah averaged $249,000. In 2026, that price is now $559,000.
“Utah’s housing market has entered a period of more stable price growth, but stability should not be mistaken for affordability,” said Dejan Eskic, senior research fellow at the Gardner Institute.
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Even worse, the ongoing quest for first-time homebuyers to purchase their own residences seems almost quixotic, with the study highlighting that approximately 91% of renters in Utah cannot afford the estimated $3,669 monthly payment of a medium-priced home.
The study claimed homeownership in Utah is nearing "historic lows," standing at just 68.3%, which remains above the national average, but has narrowed over the past decade.
For those who can only afford an apartment, rents declined over the last two years by 2.3 percent due to new supply.
