Utah home prices increased 64% since 2012-2016

UTAH – The prices of homes in Utah have increased by 64.7% since a four year period in 2012-2016, increasing from an average price of $240,880 throughout 2012-2016 to a whopping $396,824 average in 2017-2022, according to a new study conducted by SelfStorage.

In addition to home prices increasing by nearly two-thirds, the average cost of a home in Utah ($396,824) is now third highest in the country, only behind California ($492,381), and Colorado ($431,629).

Utah’s 64% increase in home prices is the fourth highest increase in the country, only sitting behind Idaho, Nevada, and Washington. Utah’s 64% increase is nearly 30% higher than the national average, which sits at 38.6%.

SelfStorage’s study compares average home prices over two periods, 2012-2016 and 2017-2022, and used Zillow’s average house price in those periods to measure and quantify the increase.

SelfStorage compiled home listings on Zillow in every state throughout each four-year period, and then calculated the total average for each period.

A spokesperson for SelfStorage commented on the findings: “House prices have increased at a rapid rate during the last few years, making it harder and harder for newer generations to purchase a home.”

Idaho leads the country with the highest increase in home prices since 2012-2016, as homes have increased from an average of $152,221 in 2012-2016 to $272,019 in 2017-2022, a 78.7% increase. Nevada has the second highest increase, with home prices jumping up 74.2% since 2012-2016, increasing from $195,660 to $340,779.

Washington is third on list, increasing by 64.9%, followed by Utah at 64.7%, Oregon at 61.2%, Arizona at 61.1%, Montana at 58.2%, Tennesee at 56.2%, California at 54.6%, and Colorado rounding out the top ten at 54.4%

“Whilst it is a negative for those looking to buy a home, the residents of these areas above all states listed in the top 10 are way above the national average of an increase of 38.6%,” a spokesperson for SelfStorage said. “Moreover, the study underlines the strong differences in parts of America, as most of the states cited are located on the West Coast.”

Lawmakers in Utah are aware of the increasing costs of homes and lack of affordable housing in the state of Utah, and are experimenting with different methods to help homebuyers.

“We understand that there needs to be more housing. We’ve tried to incentivize first-time homebuyers to help them get downpayment assistance for new construction. We want the state of Utah to be a place where our kids and our grandkids can grow up,” Lieutenant Governor Deidre Henderson said in a recent interview with the Townlift.

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