BUSINESS + ECONOMY
Housing report shows SLC growing less affordable
Jul 12, 2018, 9:06 AM | Updated: 9:21 am
SALT LAKE CITY — A recently released report says the Salt Lake area is one of the least affordable places to live in the country.
CityLab says it takes about 4.5 years of income to afford to buy a house in Salt Lake. The general rule of thumb is 2.6.
“This is affecting people trying to get into the market now, but it is definitely going to affect our children and grandchildren who want to stay and live here,” said Abby Osborne, the VP of Public Policy and Government Affairs for the Salt Lake Chamber.
CityLab puts salt lake at 20th least affordable in the US. Many cities in California are ahead of us, but it is getting worse here.
Osborne said It’s all about supply and demand. Everyone is feeling the growth in population here.
“We are feeling it in the grocery store line, we are feeling it when we try to buy a ticket to a concert, we certainly feel it on our roads and streets. But where we won’t feel it, is if we continue to plan in a really smart manner.”
She says look for more messaging soon from them with their new Housing Gap Coalition, about ideas for solutions.
Osborne says for the first time in 40 years, we have more households than we do homes.
“There’s a gap in what we’ve produced and what we need, and that’s driving prices higher.”
