Well before the coronavirus transformed American life, Utah’s housing market was hot. With the onset of a global pandemic, the market turned into an inferno, as residents from California and Seattle began streaming into Utah looking for more space and affordable homes. With just two words, former president of the Utah Association of REALTORS® David Robison sums up Utah’s housing market adequately: “It’s insane.”
Bankrate’s Housing Heat Index looks at several factors when assessing the relative heat of housing markets around the country, including home appreciation, mortgage delinquency, unemployment and job growth data, the cost of living index, and state-by-state tax burdens. By all measures, Utah came out on top during the height of the pandemic and continued to lead the nation in the first quarter of 2021.
Home values in the Beehive State spiked 19% in the 12-month period ending March 2021, according to the Federal Housing Finance Agency. Additionally, Utah boasts the lowest unemployment rate nationwide and the second-strongest job growth numbers. Rounding out Utah’s desirability is one of the lowest tax burdens in the United States, super low mortgage rates, and few mortgage delinquencies.