The age of Utah homeowners is on the rise
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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.
- The average cost of a Utah home is $502,647, according to Zillow.
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.