OGDEN, Utah — Skyrocketing housing prices across Utah’s metropolitan areas are preventing many first-time home buyers from making that dream a reality as a new study shows Utah has some of the most inflated housing pricing in the country.
Ogden, Provo, and Salt Lake City are among the top 10 for most overvalued.
FOX 13 News spoke with a Utah native who says despite no debt and a sizable income, he doesn’t see home ownership in his future anytime soon.
“It’s a dream we’ve been working toward for a while, we thought we were there and it just kind of jumped away from us,” said a Utah native who wishes to remain anonymous.
This Utah man’s story is like many others, feeling helpless in today’s housing market.
He didn’t want to share his identity on camera.
"We just talked to friends and relatives, and on average they’re paying anywhere from $2500-3000 a month on mortgage, not including utilities or insurance," the man said. "That’s not reasonable, working paycheck to paycheck.”
He says some of his friends have already left the Beehive State.
The man said he and his wife have been seriously considering purchasing a home for two years now.
“We both make over six figures, we have no consumer debt, we have 12 months emergency funds”
The plan was to sell their condo and buy a home since they want to grow their family, but with the current market, even with their careful financial planning, they don’t see a path to home ownership anytime soon.
