Should I Own a Home in Utah?

Have you ever wondered how owning a home in Utah compares to other parts of the country? Owning a home comes with many financial benefits, but those can vary depending on where you live. According to a recent study, Utah measures up pretty well for home ownership. In fact, Salt Lake, Ogden, and Provo are all ranked in the top five places to own a home!

NerdWallet recently looked at home affordability, growth, and availability in the 100 most populous metro areas in the nation. They used this data to determine the Best Places to own a home across the country. Utah was determined to be one of the best places to own a home, and three cities in particular were recognized.

The Ogden-Clearfield area was ranked as the 2nd most affordable mid-sized metro area in the nation. In Ogden-Clearfield nearly 75% of residents in the area own their home. As with many places in Utah, the area is great for lovers of the outdoors. Snowbasin and Powder Mountain are ideal for skiers looking to avoid the crowds in winter. Summer adventure seekers can also catch a thrill kayaking the Ogden and Weber rivers.

Ogden Affordability: Housing costs are 8% lower in the area than in Salt Lake City. In fact the monthly cost of being a homeowner in the Ogden-Clearfield is only 27.6% of the median household income.

Ogden Growth: Did you know that Utah’s largest business and industrial park is located in Ogden? The Business Depot Ogden is a 1,118-acre master planned business park with 500 available acres. The success of the Business Depot is helping the local community thrive! Another source of local growth includes the construction of Weber State Downtown which is a partnership between the city and Weber State to support the start-up community.

Ogden Availability: Despite a recent decrease in the number of homes on the market, the inventory is relatively high. In March there are over 20% more homes on the market than March 2013.  If you’re interested in the area you can search Ogden homes for sale and Clearfield homes for sale now. Register now to receive notifications of price drops and new homes on the market.

Coming in right after Ogden in the #3 spot for best mid-sized metro area for homeowners is the Provo-Orem area. The percentage of home owners in this area is 67.8%. The nearby mountain peaks of the Wasatch Front to the east and the Utah Lake to the West give residents plenty of outdoor recreational opportunities. Not only are Provo and Orem’s residents prospering, but they are nationally known as very generous people. In fact they lead the nation in volunteerism.

Provo – Orem Affordability:  Home ownership costs are 30.6% of the median household income. This makes homes in the area very home-buyer-friendly.

Provo – Orem Growth: This area has grown faster than all the other Utah metro areas on the list. The population growth is 1.6%! The economic growth is energized by Utah’s two largest universities – Brigham Young University and Utah Valley University. Both BYU’s Innovation Academy and the Innovation Center at UVU provide a highly educated workforce and invigorate the development of new businesses in the area.

Provo – Orem Availability: The number of homes on the market is almost 20% higher than February 2013, which was the low point for inventory in the past 5 years. Historically more homes are listed in the spring and summer months leading to a peak in the number of homes available for sale in early fall. Search available Provo Homes for Sale and Orem Homes for Sale here.

The third area on the list is the Salt Lake City area. Due to its size it was put in the large-metro areas category. Other cities in this category include Nashville, Tenn., Indianapolis, Ind. and Raleigh, North Carolina. In this category Salt Lake City ranked 3rd for best area for home-ownership.

Again the researchers point to the vast recreational opportunities of the area as key benefits of owning a home in the area. They specifically point to the best ski slopes in the country – Alta, Brighton, Snowbird, and Solitude. They were also quick to mention the vibrant cultural downtown scene and Sundance Film Festival as spectacular advantages to living in the Salt Lake area.

Salt Lake City Affordability: The Salt Lake area boasts one of the highest home-ownership rates among the top 10.  The home-ownership rate is 67.5 percent, and the median monthly homeowner costs are $1,527.

Salt Lake City Growth: The Salt Lake City metropolitan area grew by 1.4 percent between 2011 and 2012. The area’s thriving economy houses many high-growth industries such as aerospace and information technology. Additionally the University of Utah’s Science Technology and Research initiative is supporting growth of local businesses. Many employers are attracted to the area because of a heightened focus on STEM subjects (science, technology, engineering, and mathematics). 

Salt Lake City Availability: The number of homes for sale in the Salt Lake City area has been steadily increasing. It is currently 15% above what it was last year, and continuing to rise. Because of the various housing opportunities in the area it is advantageous to register with a Neighborhood Expert to determine which area of Salt Lake is best for you. You can search all the Salt Lake area homes for sale here.

For an up-to-date sneak peak of the real estate market in any of these areas sign up for a free Market Snapshot.