A realty sign at a property in the Salt Lake City on Friday, Jan. 6, 2023. (Scott G Winterton/Deseret News)
Listen at 10:35 a.m.: How to afford a home even if you’re broke
SALT LAKE CITY — Utah is near the bottom of the list for affordable housing in the entire nation. While raised interest rates have slowed the market down, it hasn’t made it any more affordable.
While the market has slowed, realtor Jordan Smith said we just don’t have enough houses to go around.
“We’re below 7,000 homes as far as inventory. As long as the rates continue to rise, I think we’re going to see a suppression of inventory.”
Smith doesn’t think the housing situation will ease up any time soon.
“Here in Utah, I don’t think we’re going to see the “bottoming out” or “crashing” of the market. There’s just not enough inventory.”
Smith said many have had to get creative in the buying process in order to afford a home.
“Co-borrowing’s huge and that’s on the rise.”
But prices are unlikely to drop soon, forcing many into a difficult situation.
Jason Williams is a Riverdale resident who’s being forced from his mobile home park.
“We have until May 30, May 31 to move out,” Williams said.
The mobile home park he lives in is making way for apartments, but he and his neighbors don’t have another park they can easily move into.
Also, the average apartment rent in the area is almost double what these residents are used to paying.
“I don’t know what I’m going to do. I can’t afford to buy a home right now so I’ll probably live in my motor home for a while.”