Homeownership in Utah has dropped to historic lows, despite improvements in the number of affordable rentals on the market.
91% of Utah renters are priced out of the homebuying market according to a new report from the University of Utah’s Kem C. Gardner Policy Institute. “While the state has made some incremental improvements over the past year in areas like the number of affordable rental units on the market and the required income to purchase a median-priced home, homeownership has still dropped to historic lows,” Sean Higgins writes for KUER.
KUER reports:
“Looking at those numbers, it's hard not to be a little bit depressed,” said Steve Waldrip, Gov. Spencer Cox’s Senior Advisor for Housing Strategy, during a Sept. 9 panel discussion on the findings. “And I'm sitting here going, ‘What have I been doing for the last couple of years?”
According to the report, 68.3% of Utah households owned their home in 2025, down from 69.9% 10 years ago. Homeowners under 35 saw the steepest decline, with rates dropping 1.6 percentage points to 41.3% over the last decade.
Read the full story: Utah’s housing affordability has improved, but 91% of renters still can’t buy in
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