Moving Utahns Toward Homeownership: Benefits, Rates, Affordability, and Obstacles

The American Dream is deeply embedded in the identity and ethos of the United States. At its core is the belief that anyone – regardless of their background – can achieve success, upward mobility, and a better life through hard work, determination, and opportunity. Homeownership is both a symbol of achieving the American Dream and a way it is achieved.

Policymakers are increasingly focused on housing as it has become a significant issue for voters in the local, state, and national elections of 2024 and beyond. These homeownership reports serve both as background for voters and a menu of options from which politicians might consider to address the problems being faced.

Highlights of this Report
- Recent household incomes were only about 20% higher than in 1985, while home prices had increased by 90% – adjusting for inflation.
- Housing affordability is at historical lows.
- The origins of Utah’s housing cost crisis predate the pandemic.
- Homeownership is associated with increased wealth and improved educational outcomes.
- Compared to older generations, millennials saw the largest decrease in housing affordability during peak household formation years.
- A shortage of housing construction and inventory, along with older Americans staying in their homes for longer periods, likely puts upward pressure on home prices.
- While there are certainly advantages to homeownership, it is important to recognize the drawbacks.