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Data: Zillow Economic Research; Map: Tory Lysik/Axios Visuals

It'll take Utahns 10.7 years to save for a 10% down payment on the typical home, Zillow data shows.

That accounts for saving 5% of the median household income every month, Axios' Sami Sparber reports.

Why it matters: Affordability could be a "major driver of cross-country moves," as buyers seek a lifestyle within their means, Zillow economists say.

By the numbers: In the Salt Lake City metro, the length of time needed to save for a down payment grows to 12.4 years.

The U.S. average is 8.9 years, with states such as Iowa as low as 5.2 years and Hawaii as high as 18.4.

Between the lines: The share of first-time buyers in the U.S. has shrunk to a record low as inventory and affordability issues persist, according to the National Association of Realtors.

First-timers are also waiting longer to buy; the median first-time buyer age jumped from 33 to 36 from 2021 to 2022, the latest data shows.

Of note: The majority of Americans believe it's the worst time ever to buy a house.

The big picture: Saving enough for a down payment is the biggest barrier to entry, says Brandi Snowden, a director at the National Association of Realtors.

Many would-be-buyers are saddled with debt, including student loans, car loans and credit card debt.

Be smart: Homebuyers aren't putting as much money down as they were at the height of the pandemic-era housing frenzy, Axios' Emily Peck reports.

Here's how long it takes to save for a down payment in Utah

The share of first-time buyers in the U.S. has shrunk to a record low as inventory and affordability issues persist.

Real estate

It&#x27;ll take Utahns 10.7 years to save for a 10% down payment on the typical home, Zillow <a class="gtmContentClick" data-vars-link-text="data" data-vars-click-url="https://www.zillow.com/research/understanding-affordability-32538/" data-vars-content-id="35be1851-c000-440e-ad68-9b8fcc3e526b" data-vars-headline="Here&#x27;s how long it takes to save for a down payment in Utah" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/understanding-affordability-32538/" target="_blank">data</a> shows.<ul><li>That accounts for saving 5% of the median household income every month, Axios&#x27; Sami Sparber reports.</li></ul>

Real Estate

News

Salt Lake City metro condo prices fell slower than those of single-family homes, per the latest Zillow data that analyzed prices between January 2019 and May 2023.

In May, the typical metro-area condo sold for $$365,300, down 3.7% compared to last year. Meanwhile, the typical single-family home here cost $$546,300, down 5.2%% year-over-year.

The big picture: More buyers have turned to condos and townhomes as housing costs surge, Realtor.com analyst Hannah Jones tells Axios.

Across the U.S., that segment's prices are now climbing at a faster clip than single-family homes, the real estate company's data shows.

Why it matters: Condos' growing appeal comes as younger buyers look for more affordable homes, and empty-nesters want to downsize to a maintenance-free lifestyle, real estate experts say.

Be smart: Homeowners association fees, which vary from building to building, factor into the cost of owning a condo.

Between the lines: A bump in new apartment construction could bring prices down in Salt Lake County.

Salt Lake buyers turn to condos over single-family homes

More buyers have turned to condos and townhomes as housing costs surge.

Salt Lake City metro condo prices fell slower than those of single-family homes, per the latest Zillow data that analyzed prices between January 2019 and May 2023.<ul><li>In May, the typical metro-area condo sold for $$365,300, down 3.7% compared to last year. Meanwhile, the typical single-family home here cost $$546,300, down 5.2%% year-over-year.</li></ul>

Data: RentCafe; Chart: Tory Lysik/Axios Visuals

As Salt Lake County faces an unprecedented apartment boom, luxury complexes competing to attract renters are offering amenities beyond the average gym and pool.

In Salt Lake City, "we have developers coming in and it's kind of like a showcase of who can bring the next best thing to the market," Candice Waddell, director of real estate for Greystar, a property management firm, tells Axios.

Why it matters: The push comes as many would-be homebuyers rent for longer, incentivizing properties to compete for a growing cohort of high-income renters, Axios' Sami Sparber and Tory Lysik report.

By the numbers: The number of Salt Lake City metro renters earning $150,000 or more grew 100.6% between 2016 and 2021, per U.S. Census data.

That's higher than the national average increase of 87.5%.

The number of renter-occupied households in the Salt Lake City area rose 7.8% between 2016 and 2021.

A rendering of Post District's upcoming gym. Image courtesy: Post District

Details: A movie theater, a golf simulator and a gym that’s more than 7,000 square feet are among some of the amenities that will be offered later this summer at the Post District near downtown that will encompass four apartment communities.

At Harvest apartments, managed by Greystar, in Salt Lake City's Marmalade neighborhood, amenities include a resort-style, heated pool and six terraces, some of which boast fire pits, TVs and grills.

State of play: Waddell says many of these luxuries may be new to local renters. She notes plenty of the trends started on the East Coast and have worked their way west across the U.S.

With the rise in employees working from home, Wadell says it's increasingly common to see apartment features like co-working spaces and soundproofing.

A terrace at Harvest. Photo: Kim Bojórquez/Axios

What they're saying: "What people are really looking for is places to invite their friends," Christopher Sullivan, property manager at the Post District, tells Axios.

The big picture: Apartment construction is surging nationwide. Historically, new rental housing tends to hit at the higher-end of the market, Chris Salviati, senior economist at Apartment List, tells Axios.

He notes rising project costs have created a need to charge higher rents than before.

Between the lines: High listing prices and mortgage rates aren’t making homebuying as desirable as it once was, Salviati says.

"A lot of folks in that high-income band, who in the past would have owned homes, are now continuing to rent — whether that's for lifestyle reasons or because they are feeling like it's not a good time to buy," he says.

Apartment amenities in Salt Lake City are becoming more extravagant

One community is planning a movie theater, a golf simulator and a 7,000-square-foot gym for its residents.

Housing

As Salt Lake County faces an <a class="gtmContentClick" data-vars-link-text="unprecedented apartment boom" data-vars-click-url="https://www.axios.com/local/salt-lake-city/2022/09/26/salt-lake-county-rent-increase-covid-pandemic" data-vars-content-id="5753bcb7-6ef4-4ff8-bcbf-7e5f14b06540" data-vars-headline="Apartment amenities in Salt Lake City are becoming more extravagant" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/salt-lake-city/2022/09/26/salt-lake-county-rent-increase-covid-pandemic" target="_self">unprecedented apartment boom</a>, luxury complexes competing to attract renters are offering amenities beyond the average gym and pool.<ul><li>In Salt Lake City, &quot;we have developers coming in and it&#x27;s kind of like a showcase of who can bring the next best thing to the market,&quot; Candice Waddell, director of real estate for <a class="gtmContentClick" data-vars-link-text="Greystar" data-vars-click-url="https://www.greystar.com/" data-vars-content-id="5753bcb7-6ef4-4ff8-bcbf-7e5f14b06540" data-vars-headline="Apartment amenities in Salt Lake City are becoming more extravagant" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.greystar.com/" target="_blank">Greystar</a>, a property management firm, tells Axios.</li></ul>

Data: U.S. Census and IPX; Chart: Tory Lysik and Simran Parwani/Axios Visuals

Buying a vacation home is out. Trading homes is in.

Our thought bubble: "The Holiday," anyone?

Driving the news: Home-swap networks are growing when owning a vacation property has become less attractive, Axios' Sami Sparber reports.

In April, San Francisco-based Kindred announced it raised $15 million to expand its members-only business into Europe.

The platform, which includes listings in Salt Lake City and Park City, has more than 2,500 homes in over 50 cities across North America and will debut later this year in major overseas cities such as London and Berlin.

The big picture: Demand for second homes nationwide is down more than half from pre-pandemic levels, fueled by high costs, a cooling short-term rental market and a pullback in remote work, per a new Redfin report.

Zoom in: Brian Head, Garden and Manila are the cities with the highest share of vacation homes in Utah.

Vacation homes comprise 3% of homes in the Beehive State, compared to the national average of 4%, Axios' Tory Lysik and Simran Parwani report, analyzing census data.

Of note: The Census Bureau defines vacation homes as vacant for "seasonal, recreational or occasional use."

What's happening: The sharing economy is flourishing. Axios' Joann Muller reports that people can increasingly rent everything from boats to swimming pools on Airbnb-style marketplaces.

How it works: Kindred has a "give-to-get" model: You earn credits toward booking a place by hosting a member in your own home.

The intrigue: There are no nightly rental fees. For each trip, members cover the cost of cleaning and a service fee capped at $25 per night.

Membership is pay-as-you-go, and there's a waitlist to join, as homes are accepted based on supply and demand across locations.

The bottom line: Sharing is caring — and one way to offset pricier vacations during what's expected to be a record-setting travel season.

Utah vacationers are swapping their homes

Home-swap networks are growing at a time when owning a vacation property has become less attractive.

Vacation rentals

Buying a vacation home is out. Trading homes is in.Our thought bubble: &quot;<a class="gtmContentClick" data-vars-link-text="The Holiday" data-vars-click-url="https://www.youtube.com/watch?v=BDi5zH18vxU" data-vars-content-id="7de1d6a4-d0da-420e-ae18-26d35ae20b84" data-vars-headline="Utah vacationers are swapping their homes" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.youtube.com/watch?v=BDi5zH18vxU" target="_blank">The Holiday</a>,&quot; anyone?

Data: RentCafe analysis of Yardi Matrix data; Note: Analysis includes 200 largest U.S. cities; Chart: Axios Visuals

Rent is climbing in Salt Lake City — but among other western cities, it's about in the middle.

Driving the news: A monthly rent of $1,500 can get you a 742-square-foot apartment in Salt Lake City, smaller than the national average of 782 square feet, per a new report from listing service RentCafe.

Of note: Researchers considered the rent-to-space ratio in buildings with 50 units or more across the 200 biggest U.S. cities.

The big picture: Rent in western cities is significantly higher than back East, with the biggest bang for your buck in the Midwest and Southeast, RentCafe found.

Be smart: Rent is rising faster than income nationwide.

The median U.S. renter spends close to 30% of their monthly income on average on rent, per the latest report from Moody's Analytics, an economic research firm.

Yes, but: It's still cheaper to rent than buy in the vast majority of the country, a new Redfin report says.

Here's what $1,500 rent gets you in Salt Lake City

Find out which western cities give renters the most bang for their buck.

Rent is climbing in Salt Lake City — but among other western cities, it&#x27;s about in the middle.Driving the news: A <a class="gtmContentClick" data-vars-link-text="monthly rent of $1,500" data-vars-click-url="https://www.rentcafe.com/blog/rental-market/market-snapshots/rental-space-for-1500/" data-vars-content-id="fcc8a70a-05ec-4c4b-b318-691c4ff7b215" data-vars-headline="Here&#x27;s what $1,500 rent gets you in Salt Lake City" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.rentcafe.com/blog/rental-market/market-snapshots/rental-space-for-1500/" target="_blank">monthly rent of $1,500</a> can get you a 742-square-foot apartment in Salt Lake City, smaller than the national average of 782 square feet, per a new report from listing service RentCafe.

Sami Sparber

Featured stories

Salt Lake buyers turn to condos over single-family homes

Here's how long it takes to save for a down payment in Utah

Here's what $1,500 rent gets you in Salt Lake City

Utah vacationers are swapping their homes

Apartment amenities in Salt Lake City are becoming more extravagant