October 2022 Editor`s Letter: The Housing Crisis Continues

I visited Utah recently and saw the incredible sprawl of new housing and construction cranes that stretch across the Salt Lake City valley to the foothills of the Wasatch Mountains. According to the U.S. Census, the state led the nation in new housing units between July 2020 and July 2021, outpacing fast-growing areas of Texas and Idaho, among the places that drew new residents during the Covid pandemic. While single-family homes top the building boom statewide, new multifamily apartments are leading the way in Utah’s capital city. Still, construction is not keeping up with demand, and, as in most parts of the country, home prices and rents continue to soar, tempered only somewhat by rising mortgage rates.
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