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Utah Renters Face High Rents And A Competitive Housing Market

house-435618_1920The average rental rates in the state of Utah have risen by 17 percent over the past 10 years, while median incomes rose only 3 percent. With rising apartment costs and stagnant wages, many Utah renters are considering other alternatives.

The housing boom has also presented its own set of challenges. Many prospective homebuyers are looking at more affordable living options to save for a down payment on a house.

In Utah and across the country, local residents face high housing costs whether they rent or buy. “We’re in a period where we have declining affordability,” James Wood, economic analyst at the Kem C. Gardner Policy Institute, explained in a Salt Lake Tribune article.

The housing market is improving, but it shouldn’t keep you from pursuing homeownership! Developers and government officials are approving housing projects throughout the state to provide affordable rentals and houses for interested buyers.

Mighty Butlers Moving offers affordable moving services throughout Utah. Whether you live in Salt Lake City or beyond, we strive to give you a moving rate that works for you. Call us at 801.890-3868 for a free quote!

This news summary contains excerpts from The Salt Lake Tribune article dated April 22, 2016.

 

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