Lack of affordable housing displaces thousands of Utah families
Utah’s housing shortage is affecting families around the state who are in desperate search of affordable options.
Even as new properties are built, one part of the housing market continues to be left behind: affordable housing.
Utah County Housing Authority Director Lynell Smith said the numbers aren’t looking good for those who qualify for programs like Section 8.
“Utah County has about 45,000 renter households, and 27,000 of those have income at or below low-income, which is about $35,000 for a family of four,” Smith said.
Read more: http://universe.byu.edu/2018/01/23/housing-package-sidebar-lack-of-affordable-housing-displaces-thousands-of-utah-families1/
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First housing shortage in decades taking a toll on Utah buyers, renters
It’s becoming an all-too-familiar scene in Utah.
A homeowner places a ‘For Sale’ sign in front of their house, and quickly, the property is off the market, usually with multiple purchase offers.
A landlord places a ‘For Rent’ sign in the window and a lease has been signed within days, sometimes hours.
The United States Census Bureau reported Utah is the fastest growing state in the nation, and the state hasn’t been able to keep up with the demand for housing. For the first time in more than 40 years, the number of households exceeds the number of properties available, according to a study from the Kem C. Gardner Policy Institute. The situation has put Utah in the middle of a housing shortage that doesn’t seem to have an end in sight.
BYU economics professor Jaren Pope said the shortage is a typical case of supply not meeting demand. Utah has a rapidly growing population along with a strong job market, but other factors could also be contributing to the shortage.
Read more: http://universe.byu.edu/2018/01/23/first-housing-shortage-in-decades-taking-a-toll-on-utah-buyers-renters1/