VALLEY VISIONING Housing Gap Committee For the typical family, housing costs consume the majority of the monthly budget. In Utah Valley, that amount has increased as home prices have skyrocketed in recent years, placing the cost of new homes and even rental properties beyond what many can afford. The demand for housing here is unlikely to decrease anytime soon with the valley expected to see its population double within the next 20 years. Ensuring housing is attainable will be critical for everyone as Utah Valley moves into the future, from family members who want to live near each other to businesses looking to attract employees. Nate Hutchinson, co-owner of Flagship Homes, is chairing the Utah Valley Chamber of Commerce’s Housing Gap committee with a goal to identify and promote solutions to the valley’s housing shortage. Today, people are purchasing townhomes for the same amount they would have spent for homes on 8,000-square-foot lots a few years ago, Hutchinson said, and it’s going to require changes in how people think about housing — and, in some cases, changes in housing laws and regulations — to keep it from getting worse. The consequences of not acting now will be felt far beyond the housing market. “Utah used to have an edge on other markets because our housing was so much more affordable than other markets. Now we’ve lost that edge,” Hutchinson said. “The business community should be very concerned with this because they’re not going to be able to attract employees to come live and work here.” The Housing Gap Committee has been working closely with area nonprofits such as Community Action Services & Food Bank and Habitat for Humanity as well as government officials and builders to find housing attainability issues that need to be addressed and common ground in solving those problems. Hutchinson said one of the key solutions is to offer more housing options. Many cities have areas for apartments, townhomes and condominiums, but the next allowed option jumps to homes on 8,000-square-foot lots or larger. This puts single-family homes out of reach for people who can afford more than an apartment or townhome but not a home on a large lot. Housing attainability can be increased through making more housing options available, he said. For example, a “cluster”-type development with several homes coming off the same driveway can be constructed with 3,000- to 4,000-square-foot lots that provide seven to 10 units per acre. In contrast, single-family homes on 6,500- to 8,000-square-foot lots yield four to five units per acre. These are still single-family homes, but by being clustered slightly closer
26 • Utah Valley Chamber • www.thechamber.org
“Utah Valley is facing a housing crisis. Renting and purchasing opportunities are becoming less available to our citizens. This committee is focused on solving current complexities that creates issues within the housing market. We are working closely with cities, home builders, elected officials and other topic specialists to address this crisis. We promote solutions that create a variety of housing stock that will benefit all members of our community.” - Nate Hutchinson Housing Gap Committee Chair and co-owner of Flagship Homes
