Jan 2, 2024 - News

The age of Utah homeowners is on the rise

Age when the majority of residents are homeowners, 2021
Adapted from a Terner Center report. Map: Axios Visuals

The majority of Utahns become homeowners by age 33, according to a recent University of California, Berkeley study.

Why it matters: For young people especially, homeownership is increasingly out of reach.

By the numbers: In 1980, most Utahns became homeowners by age 27. In 2000 it was 29, per the study.

What's happening: Median U.S. home values have nearly doubled in the last decade. Meanwhile, household incomes have grown roughly only 13.5% during that period.

Zoom out: Across the U.S., buyers are anywhere from two to 17 years older than in 1980.

  • Homeownership is most delayed in California, where the majority of people don't own a home until 49, per the study.
  • Iowa has the youngest buyers (29) and experienced the least change from 1980 (two years).
  • Alaska is the only state where homeowners are getting younger. The majority of Alaskans owned a home by 35 in 2021, compared to 36 in 2000.

The intrigue: Homeownership is still widely cited as a pillar of the American dream.

Yes, but: There's a growing share of renters who value being untethered.

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