Utah Ranks as the Most Popular Place for Millennial Homebuyers to Call Home

If you’re young, financially stable and looking to purchase a home, Utah is the place to be. That is according to Fortune’s new online article titled, “Top 10 Places Where Millennials Are Buying Houses,” which looked at survey responses from a data and analytics firm CoreLogic to determine the top ten places where millennials are settling down.

According to the survey, people ranging from their 20s to early 30s share a common interest when it comes to finding the right area to purchase a home in: affordability. The survey also confirmed that a millennial’s living choice may boil down to the area’s job and earning opportunities.

So what makes Utah (specifically Utah County) the number one place for millennials to call home? For starters, it’s the affordable home pricing. According to Zillow, “Utah County has a median home value of around $229,600, which is right around the national average as compiled by the U.S. Census.”

But it’s not just the affordable home pricing that makes Utah more desirable than other areas. Apart from saying so long to soaring rent and obnoxiously high living costs, millennials are also embracing Utah County’s very attractive employment opportunities. How attractive you might wonder? Let’s just say that out of the United States’ 342 largest counties, Utah County maintains the fastest employment growth rate. According to the U.S. Bureau of Labor Statistics, its employment growth is actually up by 6.7{b0691beea1c2f39bd1c58efe4ba0816740a602e2685bc83cc0a70ecfa3fcdf10} as a result of new job opportunities in the trade, transportation and utilities sectors for 2015.

Outside of Utah, the study found that some of the other top counties including Denver, Colorado tended to have one metric in common: “Millennial homebuyers were able to negotiate attractive front-end ratios on mortgages, a statistic that indicates the portion of a borrower’s income necessary to cover monthly mortgage payments.” This is important because it points back to the key factors of affordability and income, which likely influence millennials and their decisions on where to buy a home.

While we might be slightly biased, we weren’t surprised one bit to see Utah snag the number one and four spots on the top ten list for millennial home purchases.

Screen Shot 2016-04-11 at 11.16.48 AM
Photo via Fortune

Well there you have it! If you’re a millennial and are looking to make a move to Utah County, there are plenty of picture-perfect neighborhoods to choose from, including Draper, Orem, Lehi, Sundance, Provo and more.

To get started on your home search, check out ColdwellBankerHomes.com.

What do you think about Utah’s #1 ranking for the top place for millennials to call home? Let us know what you love most about Utah in the comments section below!

By |2018-11-15T12:42:22-07:00April 11, 2016|

About the Author:

Leave A Comment