Utah housing prices rise, leaving 91% of renters unable to buy homes

A report from the University of Utah’s Kem C. Gardner Policy Institute reveals that rising home prices in Utah are significantly impacting homeownership accessibility. The median sale price across all housing types rose to $520,000 in the first quarter of 2026, up from $500,000 the previous year. Consequently, approximately 91% of renters are currently unable to afford a home.

Utah is now the 10th most expensive market in the nation for single-family homes, with a median sales price of $559,900. In specific regions, prices are even higher: Summit County reported a median price of $2.2 million, while Wasatch County reached $1.2 million. While Summit County saw a 5% decrease in single-family home prices compared to the previous year, Wasatch County experienced a 21.8% increase.

To afford a median-priced home with a 10% down payment, an annual income of $146,800 is required, which far exceeds Utah’s median household income of $96,658. The state's homeownership rate has declined to 68.2%, down from 69.9% a decade ago. Despite these challenges, officials note that apartment availability for lower-income households saw a slight increase in 2025.