Utah Homeowners Find Creative Paths Amid Rising Rates

The Federal Reserve's recent interest rate hike is worsening housing affordability in Utah, with 90% of renters now priced out of homeownership, up from 60% a decade ago. The cost to buy versus rent has increased by about $1,300 monthly, with average home prices around $520,000. Higher rates also raise income requirements for loans by about $15,000 annually, while economic uncertainties add to market volatility, delaying improvements in affordability.