Mortgage rates have hit their highest levels in more than 20 years, making it much more expensive to borrow money to buy a house. Gov. Cox and the Utah Legislature are dangling a big carrot for developers—$300 million in state money funneled through banks—for low interest construction loans, if home developers build small.
But in Utah’s housing market, where median prices are in the $500,000 range, what kind of house would $350,000 buy, and on what size lot? Ford also said the homes might only have one bathroom, similar to many houses “built 50 years ago,” but which are not being constructed now.Biden plan to make housing more affordable could help 3rd-least affordable state: UtahFurther, he suggested new single family homes at that price point would be more likely off the Wasatch Front, where land is less expensive.