Utah's housing market has entered a period of more stable price growth, though affordability remains a major challenge for many residents, according to a September 9 report from the Kem C. Gardner Policy Institute. The report notes that while affordability improved modestly over the past year, homeownership remains out of reach for many, particularly first-time buyers.
The report indicates that Utah remains among the 10 most expensive states for single-family homes, with a median price of $559,900. The median sale price for all housing types rose from $500,000 in the first quarter of 2025 to $520,000 in the first quarter of 2026. Dejan Eskic, a senior research fellow at the Gardner Institute, stated that stability in price growth should not be confused with affordability and emphasized the need for actions to expand housing supply to meet future needs.
Financial barriers for buyers remain high. The estimated monthly payment for a median-priced home was $3,725 in 2025 and reached a preliminary $3,669 in 2026, which is more than $1,200 above the 2021 level. The report found that approximately 91% of Utah renters cannot afford that payment. Additionally, only 4.9% of homes sold in 2025 were affordable to a renter household earning the median income of $64,000.
Rental trends varied by housing type between March 2024 and March 2026. Asking rents for detached homes rose 8.5% and townhomes rose 8.3%, while apartment asking rents declined 2.3% due to new supply. In terms of homeownership, Utah's rate stood at 68.3% in 2025, compared to a national average of 65.3%.
Looking toward future demand, Utah's population is projected to exceed 4 million by 2035. This growth is expected to require approximately 280,000 additional housing units to accommodate various age demographics.
