Salt Lake City: The Best Place for Home Purchases Among Millennials

Guy selecting an imaginary houseAmericans between 25 and 34 years old prefer moving to Salt Lake City more than any other city in the U.S., according to an online study.

This means an opportunity for property developers to tap into a growing market of interested home buyers in the region. Housing prices continue to increase, so Utah homes with intricately designed elements done by precision metal cutting will help builders sell properties at a higher value.

Best City for Millennials

One good reason Millennials prefer Salt Lake City could be the pace of price growth in the housing market. The study predicted that home values in the area would increase by up to 4.6% over the next 12 months. Young people are also drawn to the city because of the strong job market, which would increase by 3.6% in the same period.

For this reason, home builders need to pay attention to this market for their sales targets. By the end of this year, Millennials would account for 43% of property buyers. While the city seems to be a seller’s market, rising home prices are bad news for low-income Americans.

Unaffordable Housing

Median prices in some parts of Utah have increased at a faster rate than salary growth in the first quarter of 2018, which only meant that more people would be priced out of the market. Single-family and multifamily rental units in Wasatch Front particularly has an affordable housing gap, due to the strong demand that drives up prices.

Homes in the region may have become more expensive, although prospective would still find them cheaper than other urban areas such as in California, Las Vegas, Seattle, or Denver.

Property developers in Salt Lake City should make the most of the city’s popularity among Millennials. They can further accomplish this by investing in construction techniques that improve the appearance of homes.