Utah housing market steadies but remains out of reach for most renters
A University of Utah report finds that while the state's housing market has modestly stabilized, median home prices and mortgage costs keep homeownership unaffordable for the majority of renters.
The University of Utah’s Kem C. Gardner Policy Institute released a report titled “State of the State’s Housing Market: 2025-2026,” showing Utah now ranks in the top ten most costly states for single-family houses, with a median price of $520,000, up from $500,000 a year earlier. Required household income dropped to $147,000, yet the typical mortgage payment of $3,669 still exceeds the budget of roughly 91% of renters.
Homeownership stands at 68.3% of households, slightly above the U.S. rate of 65.3%, but the advantage is eroding. Panelists warned that the widening generational ownership gap could affect wealth building, birth rates, crime, and civic participation. Developers cite limited lot sizes and market preferences for larger homes as obstacles to building more affordable housing, while demand is projected to rise by 280,000 units by 2035 as the population grows beyond four million.
