Utah’s housing markets are the least affordable in state history as demand and interest rates remain high.
Home prices, mortgage rates and monthly rents have climbed, leaving most homeowners and nine out of 10 renters in the Beehive State unable to afford what’s currently available on the market.
Experts said in September that the state’s median home sales price was 6.26 times more than the median household income.
But there could be some hope on the horizon as the Federal Reserve indicates plans to lower interest rates from a 22-year high after 11 hikes. A “dot plot” of expectations calls for several cuts over the next few years.
The Salt Lake Tribune knows there are lots of burning questions about the future of the housing market.
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