Summary
Some U.S. states are pressing cities to build more affordable housing due to high home prices, which are making it difficult for many to buy a home. In Utah, housing expenses have surged, putting homeownership out of reach for many, prompting state action to address this issue through laws that encourage or require local governments to increase affordable housing options.
Key Facts
- States like Utah are pushing cities to create more affordable housing.
- Housing costs in Utah are high, with the median home price reaching $506,000.
- In Utah, 87% of renters cannot afford to buy a home at the median price.
- Many cities have zoning rules that limit building to single-family homes, contributing to a housing shortage.
- The age of first-time homebuyers in the U.S. has risen to 38, which is historically high.
- Utah has laws requiring cities to offer affordable housing for people who make 80% or less of the median income.
- Recent state laws aim to make it easier and more enforceable for cities to build affordable housing.
