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Recently you might have heard stirrings that Utah is seeing a big increase in migration from all over the country. Tied to this influx of newcomers, the Utah real estate market has seen remarkable appreciation rates in home prices. We aim to show you what is driving people to move to Utah. There’s a tendency to overblow how fast Utah’s population is increasing, but even the true growth rate is worth paying attention to.
Is Utah Seeing A Population Boom?
Yes, but this is far from new. For the last twenty years or so Utah has been one of the fastest-growing states in the country due in large part to its residents’ fertility. Between 2014 and 2018 Utah saw a big in-migration spike, with a net migration of nearly 30,000 at its height. Though a good deal of this incoming population came from California (16%), Utah was low on the list of states that Californians moved to during this time.
It’s hard to find reliable, up-to-date information on domestic migration, but it’s safe to say that Utah’s population is still growing faster than almost anywhere else in the U.S., with a population growth rate of 1.7%, lower only than Idaho. While plenty of people are moving into Utah, fewer people are moving out. Starting around 2020, less Utahns left their state for greener pastures than in previous years. This dip in out-migration, which would normally counteract the increase in-migration, has led Utah’s population to grow faster than it has in the past. So what effect is this population boom having on real estate in Utah?
The Effect of the Population Boom on Utah Real Estate
Home prices have appreciated year over year to the point that the median price for a single-family home in the state of Utah is $580K, over a 23% increase from the previous year. Real estate in Salt Lake City, Provo, and Ogden has similarly appreciated in value, with the median price for a single-family home for sale in Salt Lake City now well past $500K. Utah is not alone in this phenomenon. Other western states like Idaho, Colorado, and Oregon are contenders for the highest median home values in the U.S, just behind states like Hawaii and California.
We should quickly dwell on the supply side of why Utah real estate is booming. For one thing, there are just barely enough houses at the moment to meet demand. That’s true for almost any hot market. What’s interesting in Utah’s case is the state is geographically limited in terms of real estate. Salt Lake City and its suburbs form the core of the state’s population. Chances are, if you’re moving to Utah, you’re moving to Salt Lake City or somewhere near it. Utah has a problem with spreading out its population due to the inhospitable nature of much of its territory.
So what is bringing people to Utah?
Jobs, affordability, and quality of life are the top reasons why everyone is moving to Utah. According to the world population index, Utah ranks in the middle of affordability of U.S. states. The state economy is a major factor in bringing in newcomers. Utah’s economy consistently ranks among the best in the nation. Many big tech companies like Microsoft, Meta, Adobe, Overstock.com, and more have offices in Salt Lake City, drawing in talent from all over the country. Besides these high-paying jobs in the ever-expanding tech industry, expanding access to high-speed internet around Salt Lake City is bringing in migrants from all walks of life. Though most make the move to Utah for their jobs, they soon discover one more key factor for what makes this state so attractive.
The quality of life in Utah is among the best in the country. The world population review ranks Utah third in the top U.S. states in terms of quality of life. This quality stems from low unemployment (around 2%), great healthcare (rated third in the country), and unparalleled access to national and state parks. Utah is home to five national parks and 43 state parks, many of which are right around Salt Lake City. Lots of people moving to Utah consider the statewide scenery and abundant natural beauty to be just as enticing and attractive as the strong economy and moderate cost of living.
A state that attracts tech professionals and devotees of the outdoors is bound to be popular. Utah fits that bill, and it should come as no surprise that so many people are moving out there. If you think there’s a home for sale in Salt Lake for you, get in touch with one of our real estate agents and start looking today. Check out the 12 questions to ask before hiring a real estate agent so you can pick the right agent for you.
