Today, the Utah Foundation released a new Significant Statistic post on housing costs in Utah. Having recently completed our “middle housing” project, the Utah Foundation continues to track Utah’s housing issues. A recent find is the Carpenter Index.
AEI’s Housing Center created its Carpenter Index as a way of tracking housing affordability in the country’s 100 largest metro areas. The Index looks at the income for the average carpenter-headed household as a proxy for blue-collar Americans’ incomes. The gist of the question: Can carpenters afford the homes they build?
In 2012, 60% to 70% of homes were affordable to Ogden’s carpenter-headed households. In Salt Lake City and Provo, 50% to 60% were. By 2021, only 10% to 20% were affordable in Ogden and Salt Lake City, while less than 10% were affordable in Provo.
In fact, Salt Lake, Ogden and Provo are all among the 10 least affordable metros on the Carpenter Index for 2021.