Utah's explosive growth and steady economy have earned the interest of real estate investors. Home prices have soured with an imbalance between supply and demand. Our economy is in excellent shape, and has one of the lowest unemployment rates in the nation. A strong job market and robust economy have been contributing to the rising housing costs over the past several years and are also reasons to invest. Here are five reasons that make investing in Utah real estate a safe bet:
High Demand: Utah's population is growing rapidly, and the demand for housing is high. This demand is expected to remain high in 2023 due to the state's rapid expansion and widespread home shortage. The job market is robust enough to avoid widespread foreclosures, and housing demand is expected to remain high.
Strong Economy: Utah's economy is doing well, and it has one of the lowest unemployment rates in the U.S. The state's employment outlook during the pandemic has been positive, and the job market is expected to continue growing. This means that investing in real estate in Utah is a safe bet.
Diverse Industry Base: Utah has a diverse industry base, including sectors such as tourism, healthcare, manufacturing, and retail. This diversity means that there are many opportunities for real estate investors to find properties that meet their needs.
Multifamily Investing: Salt Lake City is a booming hub for commercial real estate, and it ranks high for multifamily investing. For investors, Salt Lake City's unemployment rate shows a quickly rebounding economy, which means they have great potential for profit.
Younger Population: On average, Utah’s top market has a slightly higher population share of younger people, aged 25-34. These individuals are crucial for the housing market because household formation and homeownership rise strongly among them.
Overall, investing in real estate in Utah is a smart move for those looking to invest in a growing market with a strong economy and high demand for housing.