Utah Home Prices Exclude 91% of Renters From Ownership

Home prices in Utah have escalated to a point where 91% of renters are now unable to afford homeownership, according to a recent report. The median sale price for all housing types in Utah reached $520,000 during the first quarter of 2026. This figure represents an increase from the $500,000 median price recorded a year prior, as detailed in the 2025–26 State of the State’s Housing Market report, which was compiled by the University of Utah’s Kem C. Gardner Policy Institute. This new median price surpasses Utah's previous record high of $502,000, which was set in 2022 before a temporary decline into the high $400,000s. The report attributes the current market conditions to rapid post-pandemic growth that initially drove housing prices to record highs in 2022, followed by a period of stabilization. Since 2024, Utah's housing market has experienced a 3.6% increase across all housing types. Utah is now ranked as the 10th most expensive market for single-family homes, with a median sales price of $559,900 in the first quarter of 2026. For comparative context, the median price for a single-family home in 2016 was significantly lower at $249,900. To purchase a median-priced home in Utah with a 10% down payment in 2026, an annual income of $146,800 is required. This income threshold is considerably higher than Utah’s median household income, which stood at $96,658. Renter households in the state have a substantially lower median income of $64,000. Consequently, only 4.9% of homes sold in 2025 were within reach for buyers at this income level, the study revealed. In contrast to the broader housing market, renters in apartments experienced some relief in 2025, with a surplus of available units compared to demand. In 2025, there were 108 affordable rental units available for every 100 households earning no more than 80% of the area median income, an improvement from the 100 units available in 2023. This increased supply contributed to a 2.3% decrease in asking prices for apartments between March 2024 and March 2026. However, during the same period, rental rates for single-family detached homes and townhomes saw increases of 8.5% and 8.3%, respectively. Historically, from 2010 to 2016, monthly mortgage payments were more affordable than renting a comparable property. This affordability dynamic shifted in 2017, beginning the trend of pricing renters out of the ownership market.