It’s the question I hear almost every week: “Is now a good time to buy a house in Utah?”
And I get it — with interest rates higher than we’ve seen in years and Utah home prices that have been climbing steadily, it feels like a loaded question. But the truth? The answer depends less on where the market is today and more on where you are in life.
That’s how Anthony VanDyke, mortgage broker in Salt Lake City and owner of Houzd Mortgage, frames it.
Why Owning Beats Renting Long-Term
“You’ve got to live somewhere,” Anthony says. “Either you’re paying your landlord’s mortgage or your own. Renting gives you flexibility, sure — but it also handcuffs you. You can’t paint the walls. You might have a landlord who doesn’t fix the leaky sink. And the rent always goes up.”
In Utah, rents have risen about 4% a year on average. A mortgage, on the other hand, locks in your payment. “I had a client recently who was shocked when her rent jumped $400 at lease renewal. That doesn’t happen with a mortgage.”
And then there’s retirement. “I talk to people in their 50s and 60s who never bought a home,” Anthony says. “Now they’re trying, but they’re buying at today’s prices, and it’s a lot harder to retire comfortably. Compare that to the client who bought 30 years ago — their house is nearly paid off, and they’re not stressed about where they’ll live when they stop working.”
The 5–10 Year Rule
Of course, not everyone should buy right away. If you know you’re leaving Utah in two years, renting may actually be smarter.
“Selling has costs,” Anthony explains. “If you only stay in a home for a couple of years, you might not have enough equity to cover them. I’ve seen families who bought, had a life change, and then had to sell after two years. Even if the house appreciated, the selling costs wiped out their gains.”
But stretch that timeline to 5–10 years, and ownership almost always wins. “Your home will likely appreciate, you’ll be paying down your loan, and you’ll have a fixed housing cost in a market where rent keeps climbing. It just takes time.”
The Biggest Mistake Buyers Make
The number one trap Anthony sees? Buying more than you can truly afford.
“The biggest mistake is taking on a payment that’s too high for your budget, or relying on someone else — like a roommate or family member — to help cover it,” he says. “Life happens. If that person moves out, you’re stuck.”
His advice is straightforward: “Buy within your means. It’s better to own a modest home comfortably than stretch for something bigger and lose sleep every month.”
Why Utah Is Different
Utah’s housing market isn’t California or Texas. It has its own unique dynamics.
“There are so many people moving here for jobs, and not just one type of job — tech, healthcare, construction, you name it,” Anthony says. “Salt Lake County has very little land left. That scarcity alone is going to keep pushing prices up over time.”
He recalls a couple he worked with last year: “They almost waited because rates felt high. But they wanted to stay near Lehi long-term, so they bought. Fast-forward 12 months — prices in their neighborhood are already up, and their friends who kept renting are paying more now for the same apartment.”
The Bottom Line
So, is now a good time to buy a house in Utah?
“If you’re stable in your career and you know you want to stay here, the answer is yes,” Anthony says without hesitation. “Your retirement is so much better off if you buy now versus rent for the next ten years. Over the long run, owning is always better than renting.”