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Average Home Price Rises in Utah

Average Home Price Rises in Utah

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SALT LAKE CITY (AP) -- The average price of a home in Utah is nearly $300,000.

That's up significantly from just four years ago when the average home cost about $190,000.

Local economists with Wells Fargo released numbers on Utah's rising home prices and slowing housing market yesterday.

The numbers show an increasing gap between the cost of homes and incomes in the state.

Housing affordability fell more than 20 percent from 2005 to 2007.

Four years ago an annual household income of $51,000 would be enough to buy an average-priced home with a 5 percent down payment. Today, the household would need an annual income of $90,000 in order to afford an average-priced home.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

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