12/9/2023 0 Comments Boise housing bubble 2021There are some mind-boggling figures out of some of Utah’s more desirable locations, like Summit County, home of the ski resort destination of Park City. Idaho saw a jaw-dropping increase of 37.1%. 2 in the nation for year-over-year percent increase. In the second quarter of 2021, Utah’s housing prices increased a staggering 28.3% from 2020, ranking No. Gardner Policy Institute, during a panel discussion about the report Wednesday morning.īut over the past year, especially as the COVID-19 pandemic disrupted supply chains and threw the national housing market into upheaval, Utah’s housing market has emerged as one of the hottest in the nation, second only to Idaho. “Utah has a long history of rapid price acceleration in housing,” said one of the report’s authors, James Wood, the Ivory-Boyer senior fellow at the University of Utah’s Kem C. In 2020, that share of priced-out renters increased to nearly 73%, according to the report. In 2019, the median priced home was already out of reach for about 63% of renter households. For renters, realities are even more challenging. Prices continued upward in 2021, and now more than 50% of Utah households can’t afford to buy. Gardner Policy Institute in a report titled the State of the State’s Housing Market.īy the end of 2020, Utah’s median home sales price climbed to $380,000, pricing out about 48.5% of Utah households. That’s according to the latest research released Wednesday by the University of Utah’s Kem C. For renters, these relentless price increases mean the path to ownership has narrowed even further. Housing prices have skyrocketed so much, now more than half of Utah’s households are unable to afford the state’s median priced home, which for single-family homes was $460,000 in 2021. Utah is among the top states in the West and the nation with record-breaking housing price increases - and is now facing a “severe imbalance” in its housing market.
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