SALT LAKE CITY (KUTV) — It’s not bust, but Utah’s boom is cooling–and high housing prices may be one reason why.
“If people don’t feel they can buy a home, they may look to another state that might seem more affordable to them,” said Emily Harris, senior demographer at the Kem C. Gardner Policy Institute at the University of Utah.
A new report noted Utah grew again in 2024, but by thousands of fewer people than the year before–and the population growth in 2025 may fall below 1.5%, which the research institute said would be the lowest rate since the Great Recession.
“I certainly think that housing and the lack of affordable housing is a piece of this decline in population growth,” said Harris.
At Farmington Station, where people connect to trains and buses in Davis County, Hang Vu waited for mass transit after shopping on Friday, and expressed what many people in Utah may be feeling.
“It’s very expensive (to live in Utah),” she said. “You have to watch every penny, every dime that you spend.”
She also said a friend may move out of state in part because of housing costs.
“I know there are a few of my friends who are still living with their parents, and we’re pushing our mid-to-late 30s now,” said Kylee Chalk, a young mother.
She said she did well by buying and selling two homes in less than 10 years—beginning when prices were much lower.
“And had you not done that?” 2News asked.
“Ooh,” she replied, “it would be bad.”
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