Over the years, Salt Lake City has experienced a steady growth in the housing market with a good number of housing projects being implemented every single year. 2016 was a good year for the different stakeholders in this particular market and more specifically for real estate agents and brokers. As more millennials start to consider home ownership in this modest but vibrant city, the demand for modern housing units is on the rise. The property market is tasked with the responsibility of meeting this demand so as to avoid an unnecessary shortage.
The Salt Lake housing market has been observed to be experiencing a major shift in terms of cost. Landlords and property owners are raising the value of their units making them less affordable for low and middle income families. There was an early indicator that this change would take place in 2017. Real estate experts projected that the cost of housing in and around the city would rise considerably in the coming months.
The city administrators have a major issue at hand which is to stop the continued rise of cost of housing within the city. Low and middle income families are reported to be spending more than 30 percent of their incomes on rent or mortgage. This is not a good thing as such huge deductions from minimal incomes can lead to huge monetary burdens such as loans.
Availability of housing units is closely related to affordability. There are hundreds of modern housing units and properties in Salt Lake County. However, availability heavily depends on the rates being charged by property owners and landlords. Many tenants and potential home owners are being left out in the cold solely because they cannot afford to pay the huge rents that have been imposed by property owners.