SANDY, Utah — A Salt Lake County household now needs to earn $186,827 a year to afford the county’s median-priced single-family home of $645,000, according to the Salt Lake Board of Realtors® Q2/Mid-Year 2026 Municipal Affordability Tracking Report. The required income is up 7.75% from $173,392 in the first quarter and represents the highest income requirement in two years.

Affordability varies significantly by municipality. Draper ranked as the county’s most expensive market based on the income needed to purchase a median-priced single-family home. A household would need to earn $259,641 annually to afford Draper’s median single-family sales price of $925,000.

At the other end of the rankings, West Valley City was the county’s most affordable municipality for a median-priced single-family home, requiring an annual household income of $148,470 to afford its median sales price of $497,500.

“The numbers show that housing affordability is a challenge in every community,” said Scott Colemere, president of the Salt Lake Board of Realtors®. “Even in the county’s most affordable markets, buyers need substantial household incomes to purchase a typical single-family home. Expanding housing supply and creating more attainable paths to homeownership remain critical.”

The report shows the growing challenge buyers face as home prices and borrowing costs remain elevated. Salt Lake County’s median single-family home price rose 4.03% from a year earlier, reaching a record $645,000 in the second quarter. Every municipality examined in Salt Lake County requires a six-figure household income to afford its median-priced single-family and multi-family home.

A silver lining is that home buyers have more incentives and options available. Builders are offering mortgage-rate buydowns, while rising housing inventory is giving buyers more choices. Homeownership also continues to be a significant source of wealth creation: Typical homeowners have accumulated roughly $128,000 to $140,000 in wealth from price appreciation alone over recent five- to six-year periods, according to the National Association of Realtors®.

To read the full report go to: https://shorturl.at/Ev3Fg.

Methodology

The Municipal Affordability Tracking Report uses actual housing sales data from UtahRealEstate.com. The income needed to afford a median-priced home is calculated using the U.S. Department of Housing and Urban Development standard that housing expenses and utilities should not exceed 30% of gross monthly income.

For Q2 2026, calculations assume a 10% down payment, a 6.41% average mortgage interest rate for April, May and June, the median Salt Lake County property tax rate for a primary residence, annual homeowners’ insurance of $1,581, private mortgage insurance of 0.5%, and $345.64 per month in utilities. The projections do not include certain variable expenses such as homeowners’ association dues, city bonds, infrastructure district fees or the effect of a borrower’s credit score. As a result, the report notes that actual housing costs for some buyers may be higher than its estimates.

About the Salt Lake Board of Realtors®

The Salt Lake Board of Realtors® is the Wasatch Front’s voice for real estate and a leading source of housing market information. The organization is the largest shareholder of UtahRealEstate.com, one of the leading multiple listing services in the United States. Since 1917, the Salt Lake Board of Realtors® has promoted homeownership and protected private property rights. The organization empowers its members to better serve the public through continuing education, advocacy and adherence to a professional code of ethics.

About UtahRealEstate.com

Founded in 1994, UtahRealEstate.com is Utah’s leading provider of real estate technology and one of the largest multiple listing services in the United States. The company operates one of the country’s top-ranked real estate websites, serving more than 8 million consumers annually. UtahRealEstate.com also provides multiple listing services to approximately 20,000 real estate professionals, representing nearly 97% of all Realtors® in Utah.