Anyone lucky enough to call Utah home already knows the Beehive State is a great place to live. But it’s not just current Utahans driving the demand for housing in communities on either side of the Wasatch Mountains. More and more homebuyers are rushing in from out of state to try to claim their own piece of mountain paradise. Read on to learn why Salt Lake City topped Realtor.com’s list of housing markets in 2021.
1. Location is Everything
Whether close proximity to some of the best outdoor recreation the county has to offer, or the ability to work from home with reliable infrastructure, Utah has something to entice every kind of buyer. Utah is home to 5 National Parks, multiple world class ski resorts, miles and miles of pristine Blue Ribbon rivers for fly fishing, and an almost endless supply of hiking and mountain biking trails. For outdoor enthusiasts, Utah is the ideal place to call home.
2. Utah’s Economy is Strong and Thriving
Utah boasts one of the lowest unemployment rates in the country, coming in a 2.1% in November of 2021, compared to the 5.1% average in the 100 major market areas. Jobs in the tech industry are helping drive the demand in Utah, particularly in the Silicon Slopes of Lehi, where Adobe and SanDisk are top employers. Since the beginning of the pandemic, the influx of homebuyers from California and Colorado has been driven by a desire and ability to work remotely, and Utah’s strong local economy and low cost of living is desirable when compared to other top markets with much higher median home prices.
3. Young Households Drive Demand
Utah has a slightly higher population share of younger people aged 25-34. Young professionals and young families alike drive the housing market because household formation and new homeownership both rise significantly among this group of buyers. Younger homebuyers are creating demand wherever they are, and many either grew up in Utah or are now settling in. With a low cost of living, strong economy, great schools, and affordable homes, Utah is great for younger households.
Even though the median home price in Utah is on the rise, it is still a relative bargain to call the Beehive State home as opposed to other major real estate markets. In November 2021, the median sale price of a single-family home was $515,000, with an average price per square foot of $215. Compare that to median prices of $676,000 and $1 million in Seattle and Silicon Valley, respectively, and buying in Utah is an easy choice.