Source: KSL.com —
SALT LAKE CITY — In a matter of six years, the annual income needed in order to afford a median-priced home in Salt Lake County has nearly doubled.
Let that sink in.
In 2015, a median-priced home in Salt Lake County cost about $248,400. The annual income required to buy a home with that price tag was about $58,100, according to the Salt Lake Board of Realtors.
Now fast forward to 2021. Homebuyers needed to earn more than $100,000 a year — $101,400 — in order to afford Salt Lake County’s median-priced home of $460,000, the board said in a report released Wednesday.
“The 2021 Salt Lake and Utah housing markets will be long remembered for their record-breaking price increases,” according to the report.
