Builders Patch | HousingCount: Utah affordable housing data and latest news
Utah
Summary
Utah state is facing challenges to housing affordability. For every 100 low-income renter households, there are 67 units available that are affordable to them. The median household income in the state is $49,237 whereas the median rent in the state $1,040. Currently, the state is short over 21,558 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
- 29.5% share of renter households
- 38.9% share of low-income households
- 42.9% share of rent-burdened households
Renter population data
Renters vs homeowners
| Households | % share |
|---|---|
| Renter households | 304,577 |
| Homeowner households | 729,074 |
| Total households | 1,033,651 |
Low-income renter households
| Households | % share |
|---|---|
| Extremely low-income ≤30% AMI | 37,081 |
| Very low-income 31-50% AMI | 28,247 |
| Low-income 51-80% AMI | 53,082 |
| All low-income households <80% AMI | 118,410 |
Rent-burdened households
| Households | % share |
|---|---|
| Moderately rent-burdened | 73,368 |
| 30.0–34.9% | 28,153 |
| 35.0–39.9% | 19,179 |
| 40.0-49.9% | 26,036 |
| Severely rent-burdened | 57,229 |
| ≥50.0% | 57,229 |
| All rent-burdened households | 130,597 |
Affordable housing shortage
Rent vs median household income
| Median household income | Amount ($) |
|---|---|
| in 2010 | 33,742 |
| in 2021 | 49,237 |
| Increase (2010–2021) | 45.9% |
Median rent
| Median rent | Amount ($) |
|---|---|
| in 2010 | 675 |
| in 2021 | 1,040 |
| Increase (2010–2021) | 54.1% |
Affordable housing stock
| Units | Amount |
|---|---|
| Supply (current stock) | 43,770 |
| Demand (total units needed) | 65,328 |
| Shortage | 21,558 |
Finance institutions
Utah Housing Corporation
Utah Housing Corporation
2479 South Lake Park Boulevard
West Valley City, UT 84120
LIST OF loan programs
QAP document (Qualified Allocation Plan)
Utah
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria.
Housing news
How Fed Rate Cuts Impact the Housing Market
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%.
- Home Sales: As rates decline, more homeowners might be encouraged to sell.
- Ongoing Supply Issues: Housing supply shortages will persist, especially in high-demand areas.
Housing market won’t come ‘unstuck’ until 2026
Bank of America economists predict a gradual recovery in the US housing market. Home prices are expected to rise by 4.5% in 2024.
Shortage statistics for ELI & VLI renters
S&D ratio = Supply & Demand Ratio
List of counties
| Name | Households | % share | Households | % share | Households | % share | Shortage of units | S&D ratio |
|---|---|---|---|---|---|---|---|---|
| County statistics coming soon... |
Latest Updates
Homeownership among Black Americans
Homeownership is expected to rise among Black Americans, driven by Millennials and Gen Z entering the market. However, barriers remain such as rental affordability and mortgage denial rates.