Overview
- The Kem C. Gardner Policy Institute report, released Wednesday, found the median single‑family price in Utah near $520,000 and estimated an annual income need of about $147,000 to buy that home.
- The study says roughly 91% of current renters cannot afford the median monthly payment of about $3,669, leaving many priced out of buying despite steadier prices.
- Homeownership in Utah is about 68.3% and the institute calls that rate near historic lows while Salt Lake County’s median sits substantially higher at roughly $645,000.
- New inventory of condos and townhouses has pushed rents down about 2.3% over two years and given flexible buyers some entry points, but these options remain limited for most households.
- The report forecasts a shortfall of about 280,000 homes and apartments by 2035 and warns that lot size limits, developer preferences, and construction costs mean policy changes and new building will take years to close the gap.