Gov. Cox reveals 2025 budget plan with focus on starter homes

Dec 5, 2023, 2:48 PM | Updated: 5:35 pm

WEST VALLEY CITY — With the backdrop of a new development of single-family homes, Gov. Spencer Cox announced his budget proposal for the 2025 fiscal year Tuesday morning.

He chose the neighborhood of West Haven to highlight one of his top priorities: a plan to get some 33,000 new starter homes in Utah by 2028.

“Homeownership provides stability,” Cox said. “Home ownership is critical to building wealth and upward mobility. Homeownership encourages people to start a family.”

Rent prices drop along Wasatch Front, but for how long?

Cox highlighted his concern for younger generations that might find homeownership unattainable at current market prices.

“I believe this is an existential threat, not just to the American dream, but to our way of life as a state and as a country,” he said.

Utah Gov. Spencer Cox speaking about his budget proposal for 2025 with the focus on getting starter homes for Utah families. (KSL TV)

The 155-million dollar plan to build more starter homes would include assistance with infrastructure to help bring prices down and community land trusts enabling buyers to purchase the home, but lease the land they’re built on to lower prices further. The goal would be to get starter home prices below $400,000 and eventually around $300,000.

Cox adds that keeping those homes in the market and away from large investors would be important.

“You can deed-restrict to prevent institutional buyers from coming in,” Cox said. “So big corporations coming in and buying these up and prevent them from becoming secondary rentals in those those zones with these new starter homes that will allow them to stay in the supply.”

New home sales dropped in August as mortgage rates climbed

The governor’s proposed 29.5 billion budget includes about 850 million for public education, 122 million for transportation and air quality initiatives, and 170 million for rural Utah, including investments in agriculture production and community and hospital infrastructure.

The complete budget proposal is available online on the Governor’s Office of Planning & Budget website.

KSL 5 TV Live

Unaffordable Utah

A group of graduates at their ceremony....

Karah Brackin

AI and budgeting are the biggest challenges for newer graduates, experts say

With graduation season in full swing, the “real world” challenges graduates face may look a little different this year.

15 days ago

(FILE) Two signs advertising bedrooms for rent....

Daniel Woodruff

Rent costs are up nationally, but what about Utah?

While some aspects of inflation are cooling down, the cost of renting has continued rising.

26 days ago

KSL’s Matt Gephardt price shopped several items at traditional grocery stores and specialty food ...

Matt Gephardt

Gephardt Busts Inflation: Will shopping specialty food markets save you money?

To save money on your groceries, a specialty food market might not come to mind. But KSL Consumer Investigator Matt Gephardt found branching out to specialty food markets might help you bust some grocery inflation.

29 days ago

High food prices are squeezing Utah families, and going to the grocery store can be a frustrating e...

Daniel Woodruff

Is grocery shopping ‘frustrating and stressful’? Here are ways to stretch your dollars

High food prices are squeezing Utah families, and going to the grocery store can be a frustrating experience.

1 month ago

SEATTLE, WA - OCTOBER 31: A Redfin real estate yard sign is pictured in front of a house for sale o...

Alex Veiga, AP Business Writer

Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuits

Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their homes.

1 month ago

(KSL TV)...

Eliza Pace

Study finds nearly 40% of homeowners don’t believe they could afford their home if buying today

A new study shows 40% of U.S. homebuyers don't believe they could afford their home if they bought it today.

1 month ago

Sponsored Articles

Photo courtesy of Artists of Ballet West...

Ballet West

The rising demand for ballet tickets: why they’re harder to get

Ballet West’s box office is experiencing demand they’ve never seen before, leaving many interested patrons unable to secure tickets they want.

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 internet safety tips for kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why printer security should be top of mind for your business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light up your home with these top lighting trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for hassle-free computer repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Gov. Cox reveals 2025 budget plan with focus on starter homes