I’d love to share some fascinating economic trends and data that University of Utah’s Kem C. Gardner Policy Institute shared at Central Bank’s Economic Outlook meeting last month. These insights highlight why Utah continues to be an exceptional place to live and own a home.

Table of Contents

• Utah's Economic Strength

• Population Growth and Housing Demand

• Housing Market Trends

• Why Utah Stands Out

• Looking Ahead

Utah's Economic Strength

Utah's economy remains robust, outpacing many other states:

• Utah ranked 1st in GDP growth (4.6%) as of Q3 2024.

• Our state boasts the lowest poverty rate in the nation (6.7%).

• Utah ranks 5th in economic diversity, ensuring stability across various sectors.

These indicators showcase Utah's resilient economy, making it an attractive destination for homebuyers.

Population Growth and Housing Demand

Utah's population continues to grow, driven by both natural increase and net migration:

• Utah County led the state, accounting for 39.2% of Utah's population growth in 2022-2023.

• The state experienced positive net migration, with many people choosing to make Utah their home.

This sustained population growth translates to ongoing housing demand, which is good news for current homeowners and potential sellers.

Housing Market Trends

The Wasatch Front housing market has seen significant changes:

• Median monthly mortgage payments have risen sharply since 2020.

• Rental rates have also increased, though not as dramatically as mortgage payments.

For those who purchased homes before the recent price surge, your investment has likely appreciated considerably. For potential buyers, while prices have increased, Utah's strong economy and quality of life continue to make homeownership a valuable long-term investment.

Why Utah Stands Out

Utah offers more than just a strong economy:

• Ranked 1st in upward mobility for children from low-income families.

• 3rd highest share of adults with postsecondary credentials or degrees.

• 2nd largest middle class in the nation.

• 1st in income equality among U.S. states.

• Outdoor living lifestyle with beautiful scenery.

These factors contribute to Utah's high quality of life and make it an attractive place for families.

For additional infographics and insights on both Utah and the United States economy, you can download the whole slide deck from Central Bank’s Economic Outlook Presentation here:

Looking Ahead

Whether you're thinking of buying or selling your next home, now is an excellent time to explore your options. With Utah's strong economic fundamentals and continued growth, real estate remains a solid long-term investment in our state.

I'm here to help you navigate this dynamic market. Let's schedule a consultation to discuss your real estate goals and how we can achieve them together in this economy.

Contact me today to set up your personalized real estate strategy session!

Here to serve,