Thursday, Oct 6 2011 6:54PM
According to Pam Perlich, senior research economist for the Bureau of Economic and Business Research at the University of Utah, the demand for affordable housing continues to grow.
Utah is experiencing growing population diversity, which is contributing to changes in the housing landscape across the state, the Deseret News recently reported.
One study of Tooele County found affordable housing units for residents with an income below the median were 2,700 short of demand in 2010. The lead researcher predicted demand will increase.
According to Pam Perlich, senior research economist for the Bureau of Economic and Business Research at the University of Utah, the demand for affordable housing continues to grow. Residents of the state have typically lived in relatively large houses on large lots, but Perlich told the source fewer people can afford such properties now.
At the recent Utah Housing Matters Conference, Perlich stated the minority population grew to nearly 20 percent in 2010, from 9 percent previously. That growth is altering the state's housing economy, creating demand for affordable housing.
She indicated a failure to provide affordable housing would likely force multiple families to share homes designed as single-family properties. One investment expert told Deseret News the rental apartment market will likely see vacancy rates drop below 5 percent in 2012 as the trend's effects continue.
For further reference, check out these sources:
The Deseret News,
The Tooele Transcript Bulletin