Salt Lake City Is the Place to Be for Millennials
Despite COVID-19 and the effect it has had on economies around the world, Utah housing proves to be attracting all kinds of buyers, including millennials. At least, that’s according to a recent National Association of REALTORS® report entitled “The Top 10 Markets for Millennial Buyers During the Pandemic”.
The study analyzed 100 major U.S. metro areas and took into account factors such as the local job market, the affordability of housing, the percentage of millennials in the area, and the number of homes for sale. In every city considered - including Salt Lake City - 3 out of 10 residents were millennials. But as real estate professionals are quick to point out, other smaller markets are equally suitable for young buyers.
“Many of the same positive findings can be found in neighboring metros like Ogden-Clearfield,” Shauna Ray, President of the Northern Wasatch Association of REALTORS®, wrote in the Standard-Examiner.
That’s thanks in part to Utah’s strong economy, record low interest rates, and the increasing affordability of homes for millennials. In every market listed in the report, each market had beat the national average in terms of affordability.
Nationally, the typical household can afford to buy 40 percent of the homes listed for sale (a jump from last year’s 34 percent). In Salt Lake City, however, a household income of $100,000 per year can afford 45.9 percent of the houses on the market. Not bad when you consider that the same household can only afford 32.7 percent of houses on the market in the neighboring mountain-region city of Denver, Colorado.
Considering millennials are currently the outdoorsiest generation - representing 38% of all outdoor consumer product buyers - there’s no wonder why Salt Lake City (and Utah in general) is in demand. The only question that remains is: are you ready to help young buyers find their slice of Utah?
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