UTAH (ABC4) – It’s no secret that housing in Utah has become pretty unaffordable over the past couple of years. When it came to ranking the most unaffordable counties in the U.S. — two Utah counties made the top 10 list.
A new report ranked the top 26 counties where homeownership has recently become unaffordable and Davis County and Salt Lake County made the cut.
The top 10 counties in the U.S. where housing is no longer affordable are:
- Ada County, Idaho
- Collier County, Florida
- Travis County, Texas
- Williamson County, Texas
- Washoe County, Nevada
- Douglas County, Colorado
- Davis County, Utah
- Larimer County, Colorado
- Salt Lake County, Utah
- Kitsap County, Washington
The report says Davis County has a home appreciation price of 34.1% in the last three years. The homes in Davis County cost 73% of one’s income. The median income of a Davis County resident is $36,597 with a median home price of $428, 765.
Salt Lake County has a 38.7% home price appreciation in the last three years with homes costing as much as 77% of a resident’s income. The median home price in Salt Lake County is $449, 365.
Here are the rest of the counties that made the list:
- 11. St. Johns County, Florida
- 12. Sacramento County, California
- 13. Spokane County, Washington
- 14. Snohomish County, Washington
- 15. Merced County, California
- 16. Clark County, Nevada
- 17. Pierce County, Washington
- 18. Sarasota County, Florida
- 19. Charleston County, South Carolina
- 20. Thurston County, Washington
- 21. Jefferson County, Colorado
- 22. Marion County, Oregon
- 23. Collin County, Texas
- 24. Maricopa County, Arizona
- 25. Buncombe County, North Carolina
- 26. Clark County, Washington
One factor leading to why housing is becoming more affordable has to do with supply chain-related delays and labor shortages that were exacerbated by the pandemic. Homes are not being built fast enough to keep up with the growing demand.
The growing demand for housing can be attributed to increasing rates of remote work. According to a Pew Research Center study, U.S. workers who say their jobs can mainly be done from home (59%) are working remotely all or most of the time. As more Americans don’t have to contend with lengthy commutes, they’re opting for homes outside of expensive cities in more affordable suburbs, where they can find more living space for their money.