Experts are looking closing at the real estate market in Salt Lake City. Population trends for the area are indicating a strong future. The Salt Lake City metropolitan area has a total estimated population of 1.2 million as of 2003. Salt Lake City alone has a population of 181,743. Its the central part of the Wasatch Front which in total contains 1.7 million. The Wasatch Front is roughly 80 miles long with Ogden approximately 40 miles north of the Salt Lake Valley and Provo approximately 40 miles south of the Salt Lake Valley. For a state boasting a total population of 2.5 million the Wasatch Front is home for a significant proportion of the population. The Salt Lake City real estate market is strong due to the areas highly favored location. Utah's population growth of 29.6% more than doubled that of the nation (13.2%). Utah's growth is attributed to natural increase (88%) rather than net in-migration (12%).Net in-migration occurred for the 13th straight year. Salt Lake City real estate is a growing market attracting more national attention than ever before. The large homes and the low prices are attracting home buyers from the rest of the country. Utah is one of the fastest growing states in the country and ranks 35th in the nation for population growth. The state's rapid growth is attributed to both the area's high birth rate and to in-migration. Utah's population reached 2.5 million in late 2005, positive increases every year since 1990. The State of California continues to be the major source of the flow of migration to Utah. Employment-related migration accounts for the majority of population movement to and from Utah. Overall, Utah is expected to continue to have the youngest population in the nation. Utah's median age during 2005 is 27.1 years, well below the national figure of 35.2 years. Utah's population is younger (27.1), lives longer (77.7), has higher fertility rates (2.68) and more persons per household (3.13 persons). Utah is number one in the nation in the number of persons per household at 3.13, compared to the national average of 2.62. In addition, Utah's number of people per family is 3.67, compared to the national figure of 3.16. This is attributed to the Church of Jesus Christ's belief in and support of large families! Currently the median home price for available homes is $300,000 with homes ranging from an affordable $69,900 to $5,000,000. Salt Lake City real estate is a good buy. The average home price is $184,756. The average condo price in Salt Lake City is an affordable $132,979. Utah recently ranked among the leaders for appreciation. Due to the States new found popularity property is becoming a high demand asset. Local realtors say the key to buying Salt Lake City Real Estate is to buy early when rates are low and appreciation will still likely occur. Now is a great time to get involved with real estate here because home values are steadily increasing. If similar patterns are followed as in other states around the country there will be large increase and it will happen soon. Dont miss out on this opportunity to jump start your real estate investing career or to find your dream home. With the help of a realtor in the Valley I recently purchased a town-home for $159,000 and now it is worth over $176,000. That appreciation happened in less than 5 months. The population trends, the quality of the area, and recent history all indicate Salt Lake City real estate is ready to flourish. Acting now could save you thousands. Salt Lake is a great area with beautiful mountains and very family centered communities. Buying real estate here will be one of the best decisions you have made. |
Main Page
