Sound Off with Eliot Ward
Supply/Demand: The U.S. has a housing short- age across the country and we are significantly un- derbuilt (and have been underbuilding for years). Utah is one of those markets where we simply don’t have enough homes to meet the demand which drives up pricing.
Millennials, who make up the largest popu- lation cohort and 4.8 million of them entered their 30’s this past year. This is a key decade of life where people typically decide to have a fam- ily and buy housing. According to the National Association of Realtors®, Millennials purchased 37% of all homes.
And the pandemic shifted priorities, especially for Millennials, and housing became much more signifi- cant as people were forced to work from home.