The State of Utah
UTAH is a top state to live in and invest in. A diverse economy, anchored by technology, healthcare, and finance, ensures a steady pool of potential tenants and buyers, and predicts ongoing success for real estate investors.
The State of Utah is consistently rated as one of the top places to live. The unemployment rate in Utah is 2.9% (U.S. avg. is 6.0%). Recent job growth remains positive, with anticipated announcements for growth and high-profile events such as The Olympics providing momentum. Utah's population is 3,231,370 people. Since 2020, it has had a population growth of 12.7%. For more statistics on the health of the State and its Economy, see this 2023 review from U.S. News and World Report.
The Utah residential home market has been increasingly seen as an attractive market for real estate investors in recent years. A combination of robust population growth, a strong and diverse economy, and a shortage of housing has contributed to an uptick in both home prices and rents, offering potentially lucrative opportunities for those interested in purchasing, refurbishing, renting, and selling homes.
Utah boasts one of the fastest-growing populations in the United States, fueled by a mix of natural growth and net migration. This demographic trend has led to a strong demand for housing, especially in metropolitan areas such as Salt Lake City, Provo, and Ogden. As a result, there has been an increase in home values, making it a viable market for real estate investment.
14%
RENT
INCREASE*
INCREASE*
Rent spikes during the recession and during the boom
*iproperty management
10%
PROPERTY
APPRECIATION**
APPRECIATION**
Bounce back from this dip is likely to increase property values
**ksl
COST
AS HEDGE
vs TAXES***
vs TAXES***
Dividends show loss now, but income when property values return
*** nerdwallet
The state's diverse economy, anchored by sectors such as technology, healthcare, and finance, is also a draw for homebuyers and renters, ensuring a steady pool of potential tenants and buyers. Coupled with a relatively low unemployment rate, the economic conditions in Utah make for a stable and attractive rental market.
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