Happenings

Salt Lake Homeowners Gain $238K in Equity Over Past Decade

New data from the National Association of Realtors® reveal middle-income homeowners in Salt Lake City accumulated $238,240 in wealth as their homes appreciated over the last 10 years. The data, which was featured prominently in NAR’s new report, Wealth Gains by Income and Racial/Ethnic Group, speaks to the value agents and Realtors® bring to consumers when helping buy and sell homes that build generational wealth. “The economic rewards of homeownership significantly surpass that of renting,” stated Rob Ockey, President of the Salt Lake Board of Realtors®. “This report demonstrates that owning a home builds equity, yields tax incentives, and establishes a secure foundation for personal development and community relationships.” Even low-income homeowners in Salt Lake City were able to build $207,270 in wealth in the last decade from home price appreciation only, while upper-income households saw an increase of $281,880. Salt Lake City’s homeownership rate is 71.7% for middle-income earners.

Utah’s House-Price Appreciation Drops to No. 46 in 2022

For years, Utah held the distinction of being the national leader in housing price appreciation. However, following a spike in mortgage interest rates last summer, the state’s ranking dropped to nearly the bottom. In 2022, Utah experienced a modest 4.14% increase in home prices—marking the sixth lowest percentage increase among all states, as per data from the Federal Housing Finance Agency. Comparatively, the nationwide average increase in house prices reached 8.4% between the fourth quarters of 2021 and 2022. This deceleration in Utah’s housing market is a silver lining for firsttime homebuyers who continue to grapple with affordability concerns.