Governor highlights bills to help Utah homebuyers, but will they make a difference?

Mar 28, 2024, 5:39 PM | Updated: 7:22 pm

SALT LAKE CITY — With high prices and high mortgage rates, buying a house can seem impossible.

State leaders say they’re trying to help.

Gov. Spencer Cox on Thursday highlighted several new bills he just signed into law that are aimed at getting more buyers into the market.

The question is, will they work?

Gov. Cox celebrates bill signing

Surrounded by state leaders, Gov. Spencer Cox signed several bills Thursday designed to help homebuyers. (Greg Anderson, KSL TV)

‘It was tricky’

Navigating Utah’s housing market can feel stressful.

“I’m happy to be out of it,” said Anne Stuart, who just moved into a new house in Lehi with her family last week. “Glad to be done.”

Stuart owned a home before, but she said the market is difficult right now.

“It was tricky with the interest rates,” she said. “And with the home prices at the same time.”

But she’s thrilled to be here.

Anne Stuart

Anne Stuart is glad her recent home purchase in Lehi is over. High interest rates and prices made the process tricky. (Greg Anderson, KSL TV)

“The houses are newer,” Stuart said, standing on the street lined with new homes built by DR Horton. “They’ll last longer. There’s not as many repairs.”

Gov. Cox wants to build 35,000 starter homes over five years. In Lehi Thursday morning, he ceremonially signed into law several bills he said will make that happen.

“We’re going to be giving money to help developers build more houses, more affordable houses,” Cox said.

Gov. Cox

Gov. Cox wants to build 35,000 starter homes over five years. (Greg Anderson, KSL TV)

That’s through a new temporary program, created via HB572, which will lend state money to developers at cheaper rates to construct owner-occupied housing.

Another bill, SB168, streamlines the approval process for modular housing. Bob Worsley, CEO of ZenniHome, said those houses are built cheaper and quicker in a factory.

“These are beautiful homes. They’re built to the highest standards,” Worsley told KSL TV. “They’re nothing like the modular homes and trailer homes of the past.”

Yet another bill, HB13, aims to help developers build infrastructure, like roads and sewers, faster.

Will these bills do anything?

“I think they move the needle,” said Dejan Eskic, a housing analyst at the Kem C. Gardner Policy Institute, of the housing bills passed by the Legislature.

But, Eskic added, don’t expect big changes right away.

“I think our expectation needs to be in years, not months,” said Eskic. “It’s going to take a minute for the market to adapt and for cities to figure out where to put new starter family zones and stuff like that.”

Others worry these bills are not enough.

Andra Ghent, Ivory-Boyer Chair in Real Estate at the University of Utah, told KSL TV in an email, “Starter homes are a non-starter without statewide land use reform.”

That is, changing the process for how developments are approved at the local level.

“We think we’re good,” Cox said in response to a question about whether the Legislature should have imposed new zoning requirements on cities and counties.

The governor said legislators worked “very closely” with the Utah League of Cities and Towns on these laws, and he believes they will “incentivize [municipalities] so that we can start to build more starter homes in their communities.”

Still, Cox added, he’ll have his eye on the results.

“We think we’ll see more of these new starter home zones moving into our cities,” he said, “and if not, we’ll reevaluate next year.”

As for Stuart, it’s an exciting time for her family as they settle into their new house and look forward to the future.

“With this type of home, it’s not just a starter home,” she said. “We could stay here for years.”

KSL 5 TV Live

Huntsville, Weber County, is pictured on Oct. 6, 2021. A delivery driver died Tuesday, a day after ...

Collin Leonard, KSL.com

Delivery driver dies after being crushed by vehicle near Huntsville

A delivery driver has died after being pinned between her car and a garage, according to the Weber County Sheriff's Office.

55 minutes ago

Follow @kslsports...

KSL Sports

Social Media Reacts Tom Holmoe Retirement News

After the announcement, social media erupted with reactions to Holmoe's decision, with memories being shared and praise being sent from former athletes, Utah sports legends, and others.

1 hour ago

A multi-vehicle crash near the Point of the Mountain in Lehi is causing heavy delays on southbound ...

Mariah Maynes

Multi-vehicle crash causing heavy delays in Lehi

A multi-vehicle crash near the Point of the Mountain in Lehi is causing heavy delays on southbound Interstate 15 Tuesday.

2 hours ago

Follow @kslsports...

KSL Sports

BYU Athletic Director Tom Holmoe To Retire After 2024-25 Season

The Tom Holmoe era as BYU's athletic director is set to conclude after the 2024-25 season.

2 hours ago

Follow @kslsports...

KSL Sports

Jordan Love Talks Injuries, Packers Offense With Kay Adams

Former Utah State Aggie Jordan Love was in New Orleans to take in the festivities, even joining NFL Insider on her show Up & Adams to talk about his second year as the starter for the Green Bay Packers and what he would like to see from the team going into next season.

4 hours ago

Follow @kslsports...

KSL Sports

BYU Football Newcomers Who Could Make An Impact In 2025

Sizing up the potential impact newcomers for BYU football in 2025.

4 hours ago

Sponsored Articles

luxury living room with a classic white sofa and sofa, interior design...

Lighting Design

Revisiting home lighting trends for 2025

Looking for inspiration to revamp your home lighting? This article outlines some of the emerging lighting trends for 2025.

holiday gift basket with blue tissue paper and gingerbread cookies...

Kneaders Bakery & Cafe

Holiday hacks for a stress-free season

Get more out of your time with family and loved ones over the holidays by following these tips for a stress-free season.

2 computer techs in a computer shop holding up a computer server with the "hang loose" sign...

PC Laptops

A comprehensive guide to choosing the right computer

With these tips, choosing the right computer that fits your needs and your budget will be easier than ever.

crowds of people in a German style Christmas market...

This Is The Place Heritage Park

Celebrate Christkindlmarket at This Is The Place Heritage Park!

The Christkindlmarket is an annual holiday celebration influenced by German traditions and generous giving.

Image of pretty woman walking in snowy mountains. Portrait of female wearing warm winter earmuff, r...

Lighting Design

Brighten your mood this winter with these lighting tricks

Read our lighting tips on how to brighten your mood in the winter if you are experiencing seasonal affective disorder.

A kitchen with a washer and dryer and a refrigerator...

Appliance Man

Appliance Man: a trusted name in Utah’s home appliance industry

Despite many recent closures of local appliance stores, Appliance Man remains Utah's trusted home appliance business and is here to stay.

Governor highlights bills to help Utah homebuyers, but will they make a difference?