With skyrocketing home prices and interest rates as well as low inventory, becoming a new homeowner in 2023 was financially impractical for many generations.
To spend less than 30% of their income on housing costs each month in 2023, a homebuyer would have had to have annual income of at least $109,868.
Baby boomers, Generation X, millennials and Generation Z were all affected by the housing market last year, but Gen Zers were at more of a disadvantage.
“Even in Utah, however, Gen Z faces tough competition in local housing markets where entry-level housing is particularly hard to come by,” according to the Utah Association of Realtors. “First-time buyers should expect intense competition since there aren’t enough houses to go around.”