Park City’s workers quandary

I read recently that our little town of Park City, with its population just under 8,500 has, according to the local Housing Resource Center has a housing inventory of 10,440 units (real individual homes, condos and hotel rooms) while just 3,399 are occupied and the rest (7,041) vacant. 

That vacant inventory is made of second and recreational homes. Out of the 3,399 occupied homes, 2,230 are owner occupied while 1,169 are rental units. This lopsided situation is exacerbated by the fact that Park City is the only place in Utah where workers outnumber the population. There are in fact 11,000 workers for just 8,500 residents, which shows the dire need for housing. 

This also means that over 85% of Park City’s workforce must commute to town for work. This means transportation challenges and affects the overall quality of life. To add insult to injury, the cost of living in Summit County, where Park City is located, is nearly 35% higher than the national average, making it increasingly difficult for families to make ends meet. In fact, the starting home price in Park City alone exceeds a staggering $2 million.

While the area median income for a family of four is reported at $134,700, these numbers can be misinformed, as the wages earned by the workforce in Park City and Summit County are at $64,000, $4,000 lower than for the state of Utah and $10,000 less than the national average, showing the financial difficulties faced by the local workforce. 

This makes the housing crisis in Park City and Summit County a pressing issue that demands attention. With skyrocketing home prices, low owner-occupancy rates, and a significant wage gap, urgent action is necessary to create more equitable opportunities for the workforce.