With such high demand and high prices, the people of Utah and Cedar City are questioning whether housing and rental prices will ever go down or if this is something that everyone will have to get used to.
In 2019, the average price for homes was nearly $350,000. In only three years, the new average price for a home in Utah has reached almost $500,000 and shows no sign of stopping.
Homing prices are going through “the roof” because of the lack of homes on the market mixed with not enough homes being built, forcing realtors and renters to raise house and rent prices.
Though landlords and renters have the right to increase their rental prices in order to match market rates, pay for property maintenance or improvements, accommodate tax increases or simply to increase their profits, Congress does have a few things on its table that may help combat these issues.
President Joe Biden released the “Biden’s Build Back Better” plan in November 2020 that addressed the affordable housing issue. This plan offered to push $25 billion into construction, rehabilitation and purchasing of homes in low-income areas to create and preserve affordable housing.
”In the past year that I have been living in my apartment, they have raised my rent twice,” Southern Utah University student Addison Cox said. “I’m not getting paid more at work and if this continues I don’t think I’ll be able to afford to live here anymore.”
According to Realtor.com, the leading website for buying and renting homes, the average price for a home in Utah is going to continue to rise by 8.5% before the end of the year. This leaves everyone to wonder, when will this end?
Article by: Christian Sanchez
Photo courtesy of Breno Assis via Unsplash