Aug 16, 2022 - News

Salt Lake incomes rise but aren't keeping up with housing prices

Data: Redfin analysis of HMDA data; Chart: Skye Witley/Axios

Salt Lake homebuyers make more money than they did before the pandemic.

Yes, but: It's still not enough to cover the rise in home prices.

By the numbers: Salt Lake City posted the 10th-largest rise in homebuyer incomes in the nation from 2019-2021, according to a Redfin analysis of mortgage data in the 100 largest metro areas.

  • The median homebuyer income in Salt Lake was $91,000, up nearly 14% from 2019.
  • That's more than double the growth in homebuyer incomes nationally.
  • But the median home price in Salt Lake grew 41% during that time, Redfin reported, versus 29% nationally.

State of play: Salt Lake's homebuyer income growth, like other cities in the top 10, was likely driven by remote workers, according to Redfin.

  • There was a big influx in out-of-town homebuyers early in the pandemic.
  • A similar dynamic played out in Boise, Idaho and Austin, Texas — the top two cities for homebuyer income growth at 24% and 19%.

Zoom in: St. George, which was too small to be ranked, saw homebuyer incomes rise almost as much as Boise, at 23%.

  • Homebuyers in Logan and Ogden posted slightly larger income growth than in Salt Lake, at 16% and 15%. Provo's increased 13%.

The latest: The housing market in Salt Lake, like other pandemic boomtowns, is starting to cool off.


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