Salt Lake City among Best Places for Home Buyers

House for saleIn Utah, home loans providers can help anyone buy their dream house, especially for first-time home buyers.

If you want to stretch your budget, Salt Lake City’s housing market landed on the top 25 best places in the U.S. for those planning to acquire a home for the first time, according to a report. The city particularly ranked as the 16th best place among mid-sized cities in the country.

City Rankings

The report based Salt Lake City’s ranking on different factors such as rent-to-price ratio, the number of affordable homes and cost of living. It also ranked as the city with second least number of crimes related to property.

Compared to other cities, Salt Lake City outranked Orlando in Florida, Scottsdale in Arizona and St. Paul in Minnesota. These other cities also landed on the top 25 list. In Utah, population growth will be a noticeable trend that will drive the need for more housing, according to a University of Utah study.

Booming Population

The university’s Kem C. Gardner Policy Institute estimated that Utah County would closely follow Salt Lake County in terms of population growth. By 2065, the population in these areas would reach 1.69 million and 1.62 million, respectively.

The institute collaborated with the Governor’s Office of Management and Budget for the study. It showed that Salt Lake City would remain as a major employment center in Utah, accounting for 40% of jobs in the state by forecast year.

This will coincide with an expected disappearance of vacant land for new housing in the county. Still, Utah County would become more diverse as more people would relocate to the region by 2065. The county would also represent 24% of Utah employment due to the addition of 576,000 jobs.

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Conclusion

A home purchase represents a big decision, which is why buyers should carefully consider several options before closing any transaction.