Summary
Utah is trying to tackle high house prices by building more affordable starter homes. The state plans to create 35,000 starter homes in five years, but progress has been slow, with only about 5,100 homes built so far.
Key Facts
- Utah's governor set a goal to build 35,000 starter homes in five years to help with high house prices.
- The state offers low-interest loans to encourage developers to build more affordable homes and condos.
- Only about 5,100 starter homes have been constructed or are under construction.
- Median U.S. home prices have increased nearly 50% over the past five years.
- Utah's home prices are higher than the national average, over half a million dollars.
- The median age for first-time homebuyers in the U.S. is now at a record high of 38.
- High demand for homes in Utah is due to larger family sizes and more people moving to the state.
