During a recent government meeting, officials discussed the pressing issue of housing affordability in Provo, Utah, highlighting the need for more accessible housing options for residents. The conversation centered around the potential impact of introducing 50 new housing units, specifically targeting the 2 to 3-bedroom market. Questions were raised about whether these units would be purchased, particularly if legislation were enacted to protect against investor purchases.

Participants noted that current listing prices for condominiums and townhomes fall within the range of state and federal first-time homebuyer programs, suggesting that these properties could be deemed affordable for many residents. The discussion emphasized the importance of developing housing products at lower price points to better serve the community's needs.

The concept of \"missing middle housing\" was also addressed, which refers to a range of housing types, including duplexes and small apartment complexes, that bridge the gap between single-family homes and larger apartment buildings. This type of housing is seen as essential for accommodating a diverse population.

Data presented during the meeting revealed that a significant portion of Provo's population—approximately 70%—earns at or below 100% of the area median income (AMI). This statistic underscores the challenge of affordability, as many homes currently on the market exceed the financial reach of the majority of residents. The discussion highlighted that while there may be a variety of homes available for sale, the majority are priced beyond what most residents can afford.

Officials acknowledged the complexity of the housing market and the need for further analysis to understand the dynamics at play. They emphasized the importance of aligning housing development with the income levels of Provo's residents to ensure that new units are not only built but also accessible to those who need them most.