Governor Spencer Cox has proposed an ambitious plan to build 35,000 new starter homes in Utah over the next four years in an effort to address the state’s housing affordability crisis. This proposal comes after years of rising home prices that have made Utah’s housing the least affordable in state history.
The median home price in Utah is currently around $500,000, making it difficult for many families to afford a home. According to the University of Utah’s Kem C. Gardner Policy Institute, Utahns need to make $150,000 annually to afford the mortgage payment on a median-priced home. Only 15% of renters in the state make enough money to buy a home on the lower end of the spectrum, priced between $300,000 and $400,000.
To make the 35,000 homes more accessible to low- and middle-income Utahns, Cox’s plan includes expanding the First-time Homebuyers Assistance Program, adding funding to the State Infrastructure Bank, and implementing “sweat equity” programs and community land trusts. Additionally, the plan aims to establish a Starter Home Innovation Fund and recruit an off-site home manufacturer to offer another low-cost housing option.
While Cox’s plan includes incentives for developers to build more starter homes, it also addresses the need for government regulation to ensure that the homes are used for residential purposes and not as investments or short-term rentals.
The Governor’s proposals will need legislative approval during the upcoming session, but Cox has emphasized the importance of collaboration and involvement from all Utahns to make this initiative a success.
Historically, Utah has faced challenges with housing affordability, and the issue has become increasingly urgent as home prices have continued to rise. The Governor’s plan is a bold and proactive step toward addressing this crisis and providing more affordable housing options for Utah families.
In conclusion, Governor Cox’s proposal for 35,000 new starter homes in Utah is a critical initiative to tackle the state’s housing affordability crisis. With a focus on accessibility, affordability, and innovation, the plan offers hope for a brighter future for Utahns seeking to own a home.
