For far too many Utahns, the prospect of homeownership is out of reach, Gov. Spencer Cox writes for the Deseret News.
Just 15% of Utah’s renter households make enough to buy a $300,000 to $400,000 home, according to the latest Kem C. Gardner Policy Institute study. “High interest rates and housing prices will continue to exclude a growing share of renters from home ownership,” the report continues.
Homeownership is core to the American dream. It provides freedom, stability, and the opportunity for upward mobility, Cox writes. It is the No. 1 savings tool for the middle class, and it provides benefits far beyond just wealth.
Cox has proposed a package of actions and incentives with the goal of building 35,000 new starter homes in the next five years. This Utah First Homes Program consists of an ambitious $150 million investment in several measures that will help Utah accomplish this goal.