And there's certainly a possibility of such.
However, using just the metrics of home prices vs wages is far too narrow to draw such a conclusion.
One of my good friends that owns a TON of real estate said that the latest figures he recalled were that 1000 people a week have been moving into Utah county. I cannot verify this figure. We can all agree that the State population is booming and many out-of-staters are moving in.
This organic growth should at least prevent any huge "price corrections" in housing. The days of a 3500 sq for home for 300,000 Provo to Lehi are gone and won't be returning.
We are also seeing urban sprawl as Eagle mountain, Spanish fork and Payson are growing as people look closer to the county fringes to buy more affordable homes.
Furthermore, a significant number of high density units have gone up all over to help facilitate those who want to live here but who cannot afford the steeper mortgages we are seeing and the inflating rents.
I do think that market growth is likely to slow and rents will stabilize. I also think we will see pressure on wages to rise over the next few years too.
However, in 20 years when our population in the state is between 5 and 6 million I think homes in most of the Davis, Utah and SLC county will be 75% more expensive than they are today.