SALT LAKE CITY — New data confirms a trend many homebuyers in Utah are feeling. The Beehive State is among the least affordable places to buy a home in the entire nation.
Bestbrokers.com released their list of states ranked by most to least affordable for buying a home earlier this week.
It may come as no surprise that Hawaii was listed as the least affordable state in the country to buy a home, with California in second place.
Utah came in third place according to the research.
A Utahn's median annual income was discovered to be $63,065, which only accounts for 11.83% of the median price of a home, found to be $533,133.
Bestbrokers.com gave Utah a score of 8.45 in terms of home price to income ratio. According to their research, it would take a home buyer eight years and five months to save enough to pay full cash for a house in Utah.
Although Utah prices may be high, that isn't necessarily deterring buyers from snatching up properties. Researchers found 9.81 homes sold per 1,000 people in Utah. That number is slightly below average, but higher than some states that were ranked more affordable, including New York and New Mexico.
Researchers at Bestbrokers said they used median home sale prices for all residential properties across the county in 2023 to draw the data. Then, they correlated the home prices with personal income numbers of individuals living in each state.
Utah's neighboring states of Idaho, Colorado and Arizona similarly ranked in the top ten of least affordable states to buy a home.
If you're hoping for a more affordable place to buy a home, you'll have to pack your bags. Bestbrokers.com ranked North Dakota, Iowa and Illinois at the top of their list.
