Housing Market Analysis 2019: Utah Valley HOME Consortium

This study, provided in conjunction with the Housing Needs Assessment 2019 and the Analysis of Impediments to Fair Housing Choice 2019, looks at the current home and rental markets in Utah County. Specifically, it describes the significant characteristics of Utah County’s housing market, including the supply, demand, condition, and cost of housing, and the housing stock available to serve low-income persons, persons with disabilities, and persons with other special needs and their families. It also considers and presents estimates of vacant housing, concentrations of racial or ethnic minorities, concentrations of low-income individuals, areas of broadband need, areas vulnerable to natural hazard risk associated with climate change, and shelter and services provided to homeless individuals and their families. In summary, we conclude that •Low vacancy rates and rapid population growth contribute to the ever-increasing demand for safe, clean rental units; however, this demand continues to push rents higher.•Strong economic growth and a young, highly educated workforce combine to bring good jobs to the area; however, this young workforce earns lower-than-hoped-for income, making rising rental rates more difficult to pay. •Current levels of public housing assistance are inadequate to meet the demand in Utah County; more than 12,400 renter households in Utah County are living with very low or extremely low incomes and receive no housing assistance from public sources. •By 2024, an additional 11,000 renter-occupied units and 11,000 owner-occupied units are needed. New homes priced below the most-recent 12-month median price of $326,000 are most needed in order to ease the burden of moderate-income households.