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ST. GEORGE — Research from a local lender may answer the question many potential homebuyers in Southern Utah ponder: Has affordability ever been this bad?
According to a study provided by Zions Bank senior economist Robert Spendlove and team, an analysis of the U.S. Census Bureau and Zillow data found that today's housing market is "the most unaffordable in Utah history."
"A typical Utah family needs to spend 5 1/2 times their annual income to buy a house, compared to just over 3 times their annual income a decade ago," Spendlove told St. George News.
In regard to housing affordability, 72% of Utah homeowners have a mortgage rate of 4% or lower — the greatest share of homeowners in any state, Spendlove said.
