Home prices skyrocket in mountainous western state, leaving 91% of renters unable to buy

Home prices in Utah continue to increase, putting 91% of renters out of the running to become homeowners, according to a new report.The median sale price across all housing types in Utah rose to $520,000 in the first quarter of 2026, an increase from the median price of $500,000 a year earlier, according to the 2025–26 State of the State’s Housing Market report conducted by the University of Utah’s Kem C.Gardner Policy Institute.This exceeds the state’s previous high median sales price, which was $502,000 in 2022, after which prices temporarily dropped back into the high $400,000s.“Rapid post-pandemic growth drove housing prices to record highs in 2022 before entering more stable periods.

Since 2024, Utah’s market increased by 3.6% across all housing types,” the report reads.Utah ranks as the 10th most expensive market for single-family homes, which had a median sales price of $559,900 in the first quarter of 2026.In 2016, the median price for a single-family home was $249,900.To afford a median-priced home in Utah with a 10% down payment in 2026, the annual income required is $146,800, much higher than Utah’s median household income of $96,658.Renter households in the state have a median income of just $64,000, and only 4.9% of homes sold in 2025 were affordable to buyers at that income level, the study found.Renters in apartments saw a glimmer of relief this year, as there were more apartments available than renters.

For every 100 households earning no more than 80% of the area median income, 108 affordable rental units were available in 2025, an increase from the 100 units available in 2023.Morning Report delivers the latest news, videos, photos and more.

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Never miss a story.This led to a 2.3% decline in asking prices for apartments from March 2024 to March 2026.

Over the same period,...