At RMHF, we’re committed to offering our Path to Homeownership to as many working professionals as possible. We invest resources and work with individuals, their employers, and investors to help provide long-term solutions that not only make homeownership possible for Utah’s workforce, but also increase quality of life by creating—and strengthening—stable households, communities, and economies.
Employers / Investors
Employees
Building a foundation for the future
Protecting the dream of homeownership has never been more important. That’s why it’s our goal to make sure it remains accessible to working professionals.
Fortunately, we’ve got a plan—and a fund.
What’s the problem?
Utah’s rapid population growth is projected to continue—and so are its housing costs. Despite a flurry of recent development and new construction, demand is expanding faster than supply can keep up. This, in turn, is leading to the lowest vacancy-for-homes rate in the nation, as well as making it increasingly difficult for many to find and afford a quality home.
In fact, almost every year over the past decade, Utah’s rental prices have shot up 5% to 7% a year with the average rent for a 1-bedroom apartment in Salt Lake City sitting at $1,771.* Likewise, the cost of purchasing a home in Utah has skyrocketed with median home prices increasing by 15.4% in 2020 and even further in 2021.**
Who’s affected?
The short answer is Utah’s housing issues affect everyone. Many people simply don’t have the income necessary to keep up with rising housing costs—or they’re stretching themselves thin to make payments.
Employers are also struggling to hire the workforce needed to grow their businesses—in many cases because prospective employees can’t find housing within a reasonable commuting distance.
Similarly, Utah’s ability to recruit companies to locate or even remain in state could be adversely affected if reasonable housing solutions aren’t established.