Study lists Davis, SL counties as places where ‘homeownership has become unaffordable’
Apr 19, 2022, 4:15 PM | Updated: Jun 20, 2022, 1:32 pm
ST. GEORGE, UT - OCTOBER 13: The Sunriver housing development is seen October 13, 2005 in St. George, Utah. Sunriver, a 2400 home development, is one of the first developers to integrate cable TV, phone, Internet, security and home environmental controls into one system. (Photo by George Frey/Getty Images)
(Photo by George Frey/Getty Images)
A recent study shows 26 counties in the U.S. were being a homeowner is unaffordable, including two in Utah in the top 10.
The MoneyGeek study narrowed down counties that had populations larger than 250,000 and increased their growth above the national average in the last three years. It then looked into three main factors for the price increase:
- home price appreciation since 2019
- the ratio of homeownership costs to rent
- homeownership costs as a percentage of median income
Davis County placed seventh while Salt Lake County is ninth.
According to the study, the median income for both counties in 2022 is about $35,000 while the median home price ranges from $428,500 to $449,000.
The study also lists that the own-to-rent ratio is two-to-zero in Davis County and one-to-eight in Salt Lake County.
Washington had the most counties with six of the 26 counties on the list taking 10, 13, 14, 17, 20 and 26 in the study.
The other top 10 counties include one from Idaho, Florida and Nevada, and two counties from Texas and Colorado.
For more information on the study, you can click here.
