People relocate to another state for a good number of reasons— a better job, a better home, a better life. It appears that many of them can be found in Utah.
According to the 2020 US Census, the Beehive State saw an 18.37% uptick in population since the last census in 2010—the highest population growth out of any other state. In a report prepared by the Kem C. Gardner Policy Institute, 58,729 people moved to Utah from July 2020 to July 2021— a year-on-year growth rate of 1.8%. And more recently, 61,242 new residents were added to the total population count; they moved to the state between July 2021 and July 2022.
To date, Utah is now home to over 3.4 million residents. By 2060, the population might balloon to approximately 5.6 million. Why are so many people moving here?
LOW CRIME RATE
In Utah, violent crimes are 36% lower than the national average. If you take Salt Lake City out of the equation, where most of the crimes take place, the rate drops to a jaw-dropping 80%! The state’s focus on addressing safety and security is why Utah currently ranks 4th among the safest states in the nation.
Utah enjoys low precipitation. Temperatures here rarely reach extreme levels, averaging about 52° F. Although summers can get hot, humidity is not a problem. In winter, there is no shortage of snow, so winter sports enthusiasts will find plenty to enjoy here.
REASONABLE COST OF LIVING
Although Utah’s cost of living has increased in the last few years, it’s still one of the most affordable in the country. In Salt Lake City, average housing costs are 8% lower than the rest of the country. Likewise, energy costs are 22% lower than the national average.
But perhaps the biggest contributor to the reasonable cost of living is the tax rate. Utah charges a flat income tax rate of 4.85%. Residents can expect their overall tax rates to range from 4.7 to 8.7 percent, depending on the jurisdiction.
GREAT FOR BUSINESS
Utah occupied the top spot in Forbes’ Best States for Business from 2010 and 2016. Business-friendly laws and regulations, talented labor supply, booming startup culture, and the state’s deliberate promotion of hard work and enterprise are all factors that continue to contribute to Utah’s thriving economy and business environment.
EXCELLENT HOUSING CHOICES
The average cost of a single-family home in Utah is $544,868—almost 20% higher than the national average. That’s mainly because the average size of properties here are the largest in the nation at 2,305 sq. ft. This is nearly 50% more than the national average.
The options are also wide-ranging. Single-family homes in an array of architectural styles and sizes, ski properties, condos, and townhomes are just some of the real estate available in Utah.
Whether you’re an investor, first-time home buyer, or a retiree, it’s best to work with a local, reputable real estate team to help you comb through Park City’s property listings. Get in touch with Team Schlopy today! Call us at (435) 640-5660 or send us an email.