Utah’s overheating housing market isn’t a bubble and could get worse, experts warn
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Home and apartment hunting in Utah are both major headaches right now, but the years ahead could get even tougher for renters and would-be homebuyers.
In a first-of-its-kind study that blends new real estate data with construction trends, top experts at the University of Utah are warning of severe imbalances in the state’s residential markets, dwindling affordability and steady rent and home price hikes well into next year and beyond.
The first-ever State of the State’s Housing Market paints a picture of a market bent out of shape to historic proportions, in part due to the pandemic. There’s now a lack of supply of dwellings of all kinds, from least to most expensive, on and off the Wasatch Front, as coronavirus-fueled demand and low-interest rates have…