Majority of Utahns Say Now is a Bad Time to Buy
PHOENIX (August 25th, 2021)- The pandemic has undoubtedly wreaked havoc on the housing market across the nation, and Utah is no exception. According to the latest Utah Public Opinion Pulse (UTPOP) survey conducted by OH Predictive Insights (OHPI), a whopping 81% of Utah residents consider the current housing market to be overpriced, and 82% say the same about renting prices.
The UTPOP is a statewide survey of Utah residents providing regular updates on the moods, perceptions, and opinions of Utahns on hot topics facing the state. This UTPOP was conducted August 2nd – August 8th, 2021 and surveyed 844 Utah residents (18+ YO) giving the survey a margin of error of +/- 3.37%.
The Beehive State is home to well-below-average unemployment rates and booming population growth (ranked the fourth fastest-growing state in the US), so, when also considering that Salt Lake City is among the top 25 places to live, it is no wonder that inventory can’t keep up with housing demand in the state. These factors considered when analyzing recent polling data, OHPI Chief of Research Mike Noble had this to say: “The housing market in Utah is primed for its record-breaking high costs and limited supply, and after seeing the results from this survey, it is clear that home and rent affordability is a huge pain point for Utahns, especially among suburbanites.”
The survey found that two-thirds (66%) of Utah residents consider right now to be a bad time to purchase a new home, and only 19% say it’s a good time. Depending on where a Utahn lives, the degree of pessimism shifts. Residents living in urban areas reported a net -31% saying it is a good time to buy a house, compared to stronger pessimism from suburban residents (-54% net good time) and rural dwellers (-50% net good time).
College graduates and those who have not graduated college hold differing opinions on renting prices and buying/selling prices in Utah’s housing market. In terms of buying/selling prices, more college grads say they are overpriced (87%) than non-college grads (79%). However, when it comes to renting prices, slightly more non-college grads say renting prices are too high (83%) than college grads (79%).
Residents making more than $100k hold the highest share of respondents who believe now is a bad time to purchase a new home (74%). Meanwhile, those making less than $50k have the lowest share saying now is a bad time to buy a house (62%), and middle-income earners fall in the middle at 69% believing the same.
“Although there are some concentrations of demographic groups that are less pessimistic about the housing market than others,” said Noble, “a healthy majority of Utahns agree on two things: Home and rent prices are too high, and now is not the best time to be in the market.”
Methodology: This poll was conducted as an online opt-in panel survey. The survey was completed by OH Predictive Insights from August 2nd to August 8th, 2021, from a Utah Statewide General Population sample. The sample demographics were weighted to accurately reflect gender, region, age, ethnicity, and education according to the most recent Census data available. The sample size was 844 general population (18+ YO) respondents, with a MoE of ± 3.37%. Numbers may not equal 100% due to rounding.
About Noble Predictive Insights: As a nonpartisan public opinion polling, market research, and data analytics firm, Noble Predictive Insights exists to elevate the world around us by empowering decision-makers with digestible data and actionable insights that translate to data-based solutions. We bridge the gap between research and strategy with customized strategic research, a hyper-focus on impact, and being true partners with our clients. Noble Predictive Insights (formerly O.H. Predictive Insights) is a 2023 Inc. 5000 fastest-growing company in the Southwest region, and is ranked in the top 15 most accurate pollsters as well as in the top 5 for lowest average bias in the 2021-22 election cycle by FiveThirtyEight. For more information, please call (602) 326-5694 or visit our website at www.noblepredictiveinsights.com.