![]() ![]() With housing prices skyrocketing, this also makes rent costs rise as well as more people are forced to rent until they can buy. When you combine this with the higher cost of real estate and the lower wages, it makes sense that residents are working harder to sustain themselves. Currently, Salt Lake City has a very hot real estate market.ĭespite this hot real estate market, the cost of living is also rising in Utah. Since 2011, there has been a steady increase until 2015 when the market began to increase rapidly. There was a brief period in 2010 when the number of people purchasing homes increased, but that fell again until it hit bottom in 2011. In late 2007, Salt Lake City reached its peak levels for home ownership before the housing prices began to decline. Utah's largest city, Salt Lake City saw a similar pattern both pre and post housing crash. Currently, the real estate market is in high demand. Housing prices hit bottom in 2011, and it showed a steady increase until 2013 when housing prices began to skyrocket again. This increase of people purchasing homes peaked at the end of 2007 and early 2008 then housing prices began to fall. The number of people purchasing homes at the end of 2004 to early 2005 saw the beginning of a steep increase in more and more people purchasing homes. It recovered and kept steadily increasing until late 2004. Historical Real Estate Trendsįrom the period of 1990 to the start of 1999, Utah saw a steady increase in home ownership with a slight decline in late 1999 and early 2000. Homeownership rate across the state have remained above 68% every year since 1984. A study showed that Utah as the second-highest level of home ownership by the Millennial generation in the nation, and in 2016 Utah was as one of the top places in the country where young people are moving to due to the excellent economic outlook. They began to recover, and currently, Utah's supply in demand is driving their housing prices up past where they were at their peak in 2007-2008.Ī large part of the skyrocketing real estate prices is an influx of Millennials moving to Utah and purchasing a property. Once the housing crisis hit, housing prices in Utah began to fall, bottoming out in 2012. Since the early 2000s, Utah's real estate market had steady increases each year until they peaked in 2007. Before the housing market crash, Utah's median home price was right around $250,000. ![]() Over the last five years, the median housing prices shot up from $190,000 to $280,000, and this is higher than before the housing market crashed. Utah's real estate market is on fire, and this is driving home costs up at a rapid rate. ![]() Residents were concerned about the air quality due to the rapidly expanding population, and low wages. There are two primary reasons people move out of Utah, and they were highlighted in a 2017 survey. Utah's economy ranked as the highest in the nation for the best economic growth in 20. Additionally, in a 2017 study, Utah was ranked as the ninth safest state in the nation, and this makes it an excellent place to move and raise your family. People move to Utah for the excellent education opportunities such as Brigman Young University and the University of Utah. Utah is a culturally diverse state, and there is a large LDS Mormon community, and Utah is thought of as being a haven for the LGBT community and their supporters. In 2012, Utah ranked fourth in overall well-being in the nation, and this trend has continued. The 45th state is currently the 31st most populous in the nation with almost three million people residing here. Home to five national parks, picturesque scenery, a culturally diverse landscape, and year-round recreational activities, it's no wonder the state of Utah is a popular destination to travel to and live in. ![]()
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