A row of houses enjoys dusk in West Haven in Weber County. A recent report shows that homeownership among younger Utahns remains far above the national average. (Brice Wallace/Salt Lake Business Journal)
Despite prices for single-family homes more than doubling over the past decade, more than half of Utah households led by 25-to-34-year-olds own their homes, according to a new report commissioned by the Salt Lake Board of Realtors.
The report authored by economist James Wood shows that the age group considered in prime years for first-time homebuying slipped only slightly since 2010. The homeownership rate was 54.3 percent that year, 51.5 percent in 2019 and 50.1 percent in 2024. Meanwhile, Utah’s single-family home prices rose 128.5 percent from 2015 to 2025, the third-fastest rise of any state.
“This report should give young families real hope that owning a home in Utah is still achievable, even in today’s market,” said Scott Colemere, president of the Salt Lake Board of Realtors. "Many would-be buyers who assume they’re priced out are closer to qualifying than they think, and talking with a lender and a Realtor early can make all the difference. To keep that door open for the next generation, Utah needs to keep building the kinds of starter homes young households can afford."
Among young households, Utah’s 50.1 percent homeownership rate is nearly 10 percentage points above the national rate of 40.4 percent. The state ranked third in the nation for this age group in both 2010 and 2019 and tied for 10th with Idaho and Maine in 2024. Utah’s homeownership rate also exceeds the national average in every age group except householders ages 15 to 24.
Utah bucks the national trend in that it has sustained high young-adult homeownership in an expensive housing market. Most states at the top of the rankings are lower-cost markets. West Virginia, which leads the nation in young-adult homeownership at 58.1 percent, has a median home sales price of about $259,000. Utah’s median sales price, about $531,000, is the highest among the top 10 states.
The report points to several factors behind Utah’s performance. Young Utah households earn more than their national peers, with a median income of $102,400 for householders ages 25 to 44, compared with $93,200 nationally. Also, employment is strong, with 84 percent of Utahns ages 25 to 34 working.
Across all age groups, Utah’s homeownership rate was 68.3 percent in 2025, down only slightly from 69.9 percent in 2015 and 3 percentage points above the national rate of 65.3 percent, according to Census Bureau data. Even so, Utah’s ranking among states slipped from 11th to 25th over that decade as lower-cost states gained ground.
Utah also offers a growing supply of more affordable owner-occupied condominiums, townhomes and twin homes, which account for 23 percent of new homes built and 27 percent of existing home sales. In 2025, the median price of these homes was $410,000, about 30 percent below the $575,000 median for a single-family home. Historically low interest rates from 2019 to 2022 and recent state first-time homebuyer assistance programs have also helped young households buy.
Homeownership has also been a powerful source of wealth for those who bought. A Salt Lake County buyer who purchased a median-priced home in 2015 with a 5 percent down payment of $12,450 would have gained about $357,000 in equity by 2025, roughly 29 times the original investment.
The report cautions that conditions are tougher today. Turbulent economic conditions could make it harder for young households to qualify for a mortgage, and the homeownership rate for 25-to-34-year-olds may dip below 50 percent in 2026 and 2027. Over the long term, however, the report expects Utah’s economic strengths to keep homeownership among young households well above the national average.
The Salt Lake Board of Realtors is the Wasatch Front’s voice for real estate and a leading source of housing market information. The organization is the largest shareholder of UtahRealEstate.com, one of the leading multiple listing services in the U.S. Since 1917, the Salt Lake Board of Realtors has promoted homeownership and protected private property rights.
Founded in 1994, UtahRealEstate.com provides real estate technology, operating one of the country’s top-ranked real estate websites, serving more than 8 million consumers annually. UtahRealEstate.com also provides multiple listing services to approximately 20,000 real estate professionals, representing nearly 97 percent of all Realtors in Utah.
