Rents and home prices are skyrocketing, forcing many residents to make difficult decisions or move out of major cities.
Utah is the least affordable state for homebuyers after Hawaii and California, according to a new report from bestbrokers.com. As Brian Mullahy reports for KUTV, the stat is based on ‘price to income ratio,’ which reveals how many people in the state can afford homes based on their income. “Other states with the ‘worst price to income ratio,’ said bestbrokers.com, include Idaho (#4), followed by Montana, Oregon, Washington, Colorado, Arizona, and Rhode Island.”
Another KUTV article points out that many affordable housing units in Salt lake City are being lost to redevelopment. “In Salt Lake City, unless the city invests money into development, they can not legally require a developer to provide affordable apartments.”
FULL STORY: Utah ranks third in nation for most unaffordable housing market behind Hawaii, California
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