took effect Tuesday, allocating $50 million in funding to provide thousands of Utahns with $20,000 loans to purchase a new home., First-time Homebuyer Assistance Program, noted that the program is meant to help middle-class families become first-time homeowners and "give people the pride of homeownership."
Applicants must purchase a home up to $450,000, and it must either be newly constructed or never have been lived in. The homeownership program comes at a time when Utah's rent is climbing — in the last three years, Utah's rent has spiked by 36.4%, with 2020's average rent being $1,530, and 2023's average now $2,087.84, according to Zillow data commissioned by luxury real estate website RubyHome., Salt Lake City's median income gaps between men and women have created a need for affordable rent for women especially.