U
tah's median home price is around $550,000, making it one of the most expensive states in the country. However, a recent study found that homeownership rates have been declining, with Utah experiencing a 0.28% drop between 2014 and 2024, ranking 15th among all states. Homeownership peaked at 74.4% in 2020.

    While some areas of Utah are more affordable than others, there are still options available for those looking to buy a home without breaking the bank. According to Redfin, the most affordable housing markets in Utah include:

    * Ogden: $375,000

    * Logan: $395,000

    * Provo: $450,000

    * Saratoga Springs: $464,990

    * Taylorsville: $465,000

    Even though these areas are more affordable than other parts of the state, they still have higher home prices compared to some national averages. For example, Ogden's median home price is still $140,000 higher than Mississippi's average home price.

    National housing market trends show that home sales dipped 4.2% in August from a year ago, but growing inventory is expected to ease the market. Mortgage rates have also dropped over the past couple of months, with the current 30-year fixed-rate mortgage at 6.08%. The registered housing inventory last month was 1.35 million units, up from 1.1 million a year ago. This increase in inventory has put home buyers in a better position to find their ideal home at more favorable prices.