SALT LAKE CITY — A new study released by LendingTree found that Salt Lake City was among the top five U.S. metros with the worst housing crisis outlook.
The study looked at the 100 biggest metropolitan areas in the country and weighed factors like vacancy rates, home value-to-income ratios, and housing unit approvals.
The secret is out about Utah, and that’s taken an increasing toll on those who want to call it home.
“It’s not easy to buy a home in this market,” said Muriel Xomchitl, who currently lives in Mapleton. “Housing affordability is a real crisis.”
Muriel Xomchitl would know — she’s spent months looking.
“We needed a house that provided enough for a six-member family and two puppies and cats,” Xomchitl said, with each member having their own list of wants and needs.
“We want to have our home, but I’ll be honest,” said Jason Beal, who’s currently renting in Farmington, “Some of the places we can afford - it’s not quite worth it to us.”
Current home buyers say the burden is often either too great, or not worth bearing.
“The challenge that we run into as a market is creating more and more affordable housing,” said Aaron Drussel, who serves as the VP of the Utah Association of Realtors.
Drussel says this market is driven by first-time home buyers, but the housing isn’t quite there for that group. Their latest Salt Lake County housing report comparing April 2024 and 2025 shows that while new listings are up, closed sales are down by 8.5 percent.
VIEW IN FULL: Utah Association of Realtors — Salt Lake County Market Update for April 2025
“The average homeowner right now, the average wage they make, they only make up about 74% of the money needed to buy a home in their current area,” Drussel said.
Drussel says those who are feeling discouraged shouldn’t just wash their hands of the idea. They should keep an open mind and do some research about what the next steps for you look like.
“Put together at least some sort of blueprint, and be able to say, ‘If I were to buy, what are my options?'” said Drussel.
Their report also shows the median home price is now $536,000, up from around $250,000 in 2015.
So Beal continues to rent and commute.
“For right now, it’s worth that drive up from Salt Lake into Davis County,” Beal said.
While others like Xomchitl have been lucky enough to find a place.
“We’re moving to Springville at the end of the month,” she said.
Drussel knows it’s a challenge — especially now. Drussel says that in 2021, the average age of a new homebuyer was 33. In 2024, that jumped to 38 years old, underscoring the struggles so many encounter.
But he says it’s so significant to unlock that door for your long-term success.
“There will always be opportunities, it’s just finding the right time to take the next step,” said Drussel.
To learn more about the LendingTree study, click here.
