SALT LAKE CITY — According to the latest Kem Gardner Policy Institute study, 91% of Utahns who are currently renting say they can’t afford to buy a median-priced home, which is currently well over $500,000.
There is now plenty of inventory for sale in Utah.
Condos, townhouses, and single-family homes.
And while the numbers from the Kem Gardner Policy Institute study are concerning, experts say there are still ways to make homeownership dreams reality.
For soon-to-be new homeowner Nigel Swaby, he said the current housing market meant the proverbial glass was half full, not half empty.
“But when you look at the median price, that means that half of the homes that are available are below that," said Swaby.
The median home price in Salt Lake County is roughly $645,000.
Swaby said he knows that number can be intimidating but adds that patience can definitely pay off for prospective home buyers.
“I’m under contract on a condo in Murray; it suits me, it has the amenities I wanted. It is nowhere near the median, I can’t afford the median and I’m pretty well compensated," he said.
Swaby sold the home he had been living in a few years ago and thought he’d be able to jump right back into the market as a buyer.
But prices rose too quickly, so he said he rented for a while.
“I was going to rent to save for a single-family home, but I found it too frustrating to try to rent and ended up buying instead for only a few hundred dollars more than a rental would be.”
Scott Colemere is president of the Salt Lake Board of Realtors.
He said he read the Kem Gardner Policy report first thing Wednesday morning.
“Not surprising at all, we’re in a recovering market," said Colemere.
Colemere acknowledges there are challenges for folks currently thinking about or trying to buy a home.
But Colemere also said for those who are willing and determined, there’s also opportunity.
“Sort of, drive till you qualify component. Meaning they might have to go out a little bit further because we have experienced a tremendous amount of growth in the Salt Lake Valley in the past years," said Colemere.
Nigel Swaby said he is proof of that.
“That 91% sounds scary but again it means there’s lots of homes available right now for under the median price, if you’re flexible in what you’re looking for," he said.
