{"id":2206,"date":"2023-12-19T15:18:04","date_gmt":"2023-12-19T16:18:04","guid":{"rendered":"http:\/\/shinsori.me\/?p=2206"},"modified":"2023-12-19T21:42:58","modified_gmt":"2023-12-19T21:42:58","slug":"what-is-causing-high-home-prices-opinion","status":"publish","type":"post","link":"http:\/\/shinsori.me\/index.php\/2023\/12\/19\/what-is-causing-high-home-prices-opinion\/","title":{"rendered":"What is causing high home prices? | Opinion"},"content":{"rendered":"
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Town homes in the Bluffdale and Herriman areas on Nov. 14, 2023. Envision Utah recently released a report on housing affordability in Utah with recommendations for zoning changes that could help put more housing within reach of more households.<\/p>\n<\/figcaption><\/span><\/p>\n

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Scott G Winterton, Deseret News<\/p>\n<\/div>\n<\/div>\n<\/figure>\n

When 76% of Utahns are unable to afford a median-priced home, we\u2019ve reached a point of crisis. If current trends continue, up-and-coming Utahns won\u2019t have the same opportunities as prior generations to enter homeownership<\/a>, they won\u2019t have adequate space or financial capacity for a family, and they won\u2019t be able to build intergenerational wealth. <\/p>\n

But with some changes to our zoning ordinances, we can promote better affordability. And we can do it without sacrificing quality of life in other ways. <\/p>\n

First, it\u2019s helpful to put the housing affordability problem in context.<\/p>\n

This is a nationwide problem, although Utah has seen higher cost increases than most places. The root of the problem is that housing units haven\u2019t kept up with high demand. <\/p>\n

That demand isn\u2019t just people moving in from elsewhere (many of whom were born in Utah in any case), it\u2019s also our own kids \u2014 Utah\u2019s millennial and Z generations are a far larger percent of our population than is the case in the rest of the country. <\/p>\n

At the same time, multiple factors have constrained the construction of housing, including labor shortages, land and materials expenses, and, more recently, high capital interest rates.<\/p>\n

The result is like a game of musical chairs. If you don\u2019t have enough chairs, some people are left out, and the cost of the available chairs goes up. <\/p>\n

When there\u2019s a shortage of homes, some people are forced to double up (maybe by living in their parents\u2019 basements), and others experience homelessness. Many others settle for something much smaller, or farther away, than they\u2019d like.<\/p>\n

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