Utah's current housing crunch is expected to only get worse next year, not better, according to a new report released Tuesday.
The"State of the State's Housing Market" issued by the Kem C. Gardner Policy Institute contains both good and bad news for those already owning homes and those looking to buy.
Even worse than the shortage is that fewer people are now able to afford a home as high interest rates and prices grow. Only 15 percent of Utah's renters have the income to purchase what the report describes as"modestly" priced homes between $300,000 and $400,000."The average rental rate in Wasatch Front counties has increased at a rate of 6.5% to 7.0% annually since 2011, nearly double the rate of increase in the median income of renters," the report says.
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