In 2022, Salt Lake City, Utah, had the least affordable housing among the top ten metros with the highest share of Gen Z home buyers in the United States. The average requested mortgage loan amount by Gen Zers was ******* U.S. dollars. Between ** and ** percent of mortgage applications in the metros included in this statistic came from Gen Z home buyers. While house prices do in fact influence Gen Zers' choice, Salt Lake City, UT, had both the largest share of Gen Z mortgage requests and the highest loan amount.

Explore borrowing and mortgage trends in Utah County, including conventional vs. government loan performance, average loan sizes, and market share shifts. Data sourced from HMDA regulatory filings shows how local lending patterns evolve through changing market conditions.

The table below showcases the 10th, 25th, 50th, 75th, and 90th percentiles of mortgage rates for each county in Utah. It's important to understand that mortgage rates can vary greatly and can change yearly.

Explore borrowing and mortgage trends in Davis County, including conventional vs. government loan performance, average loan sizes, and market share shifts. Data sourced from HMDA regulatory filings shows how local lending patterns evolve through changing market conditions.

The average price per square foot of floor space in new single-family housing in the United States decreased after the great financial crisis, followed by several years of stagnation. Since 2012, the price has continuously risen, hitting ****** U.S. dollars per square foot in 2024. In 2024, the average sales price of a new home exceeded ******* U.S. dollars. Development of house sales in the U.S. One of the reasons for rising property prices is the gradual growth of house sales between 2011 and 2020. This period was marked by the gradual recovery following the subprime mortgage crisis and a growing housing sentiment. Another significant factor for the housing demand was the growing number of new household formations each year. Despite this trend, housing transactions plummeted in 2021, amid soaring prices and borrowing costs. In 2021, the average construction cost for single-family housing rose by nearly ** percent year-on-year, and in 2022, the increase was even higher, at close to ** percent. Financing a house purchase Mortgage interest rates in the U.S. rose dramatically in 2022 and remained elevated until 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under ***** percent, whereas in 2024, the average rate for the same mortgage type was more than twice higher. That has led to a decline in homebuyer sentiment, and an increasing share of the population pessimistic about buying a home in the current market.

Average loan-to-value ratio by loan type (Conventional, FHA, VA, USDA) in Utah County from 2019-2024, showing the 1-year change from 2023 to 2024.

Average loan-to-value ratio by loan type (Conventional, FHA, VA, USDA) in Davis County from 2019-2024, showing the 1-year change from 2023 to 2024.