April 26, 2023 (Salt Lake City) – Housing instability and homelessness threaten the economic well-being of at least 40,000 extremely low-income renter households in Utah, according to recent analysis by the Kem C. Gardner Policy Institute. These households have annual incomes of less than $24,000 and must devote at least half of their income to housing and utilities.
“Utah policymakers have significantly expanded affordable housing programs in response to the housing crisis,” said Gardner Institute Ivory-Boyer Senior Fellow James Wood. “As this effort continues, a comparison of state housing programs provides valuable policy insight as decision-makers aim to help reduce instability and increase the number of affordable housing units.”
Key findings from the report, which specifically focuses on four state-funded programs or policies, include the following:
- Housing Shortage – Utah has a shortage of several thousand affordable rental units. The need for affordable rental housing will likely continue to grow due to the high cost of homeownership, rising rental rates, and historically low vacancy rates.
- 2023 Utah Legislative Se