Utah Homeownership Fall to 1994 Levels

According to the U.S. Census Bureau, Utah’s homeownership rate hit its lowest level in 18 years in 2013, reflecting the damage suffered by state’s housing market during the 2008 recession. Between 2008 and 2012, homeownership fell from 76.2% to 71.1%, and nearly 60,000 Utah households turned from owning to renting. Over 90,000 jobs were also lost during that span. The homeownership rate is expected to remain relatively flat for the remainder of the year, although new home sales fell markedly from June to July. Sales fell 13.4% month-over-month to an annual pace of 394,000, well below the 700,000 that experts consider to be a benchmark of a healthy market.

Read more at The Salt Lake Tribune