Salt Lake City’s Booming Population May Be the Key to Cheap Homes

Salt Lake City’s population continues to grow and as homes become more expensive on the Wasatch Front, it could be the solution to an affordable housing problem in the city.

Research during the first quarter of 2018 showed that home prices in Salt Lake County remained the same, while prices in Davis, Utah and Weber Counties became more expensive. If you’re looking for the best mortgage rates in Utah, Altius Mortgage Group noted that many lenders offer competitive interest and payment options to lure as many clients as possible.

Population Growth

By 2030, an additional 30,000 people from around the country are expected to move into Salt Lake City. Many of these people would decide to move because of the city’s job market. This led to a building boom for homes as demand from millennials and other age groups have increased in recent months.

The local government, however, still struggles to find complementary solutions. A population boom and more housing projects would simply be not enough to address the high cost of properties. During the fourth quarter of 2017, the median price in Salt Lake City amounted to $315,100. The city ranked as the 24th most expensive metro area for housing during that time.

Government Efforts

Mayor Jackie Biskupski has sought an assessment for reforms on the city’s regulations for land development and zoning to support more low-cost housing projects. Median salaries in the city should also increase because rising demand for homes and more properties would be useless if buyers are priced out of the market.

Once there are more affordable properties, it would be beneficial for the environment. A 2016 survey showed that 52% of workers would relocate to Salt Lake City if homes were cheaper. These people live outside the metro area.

While it seems that salaries and home prices in Salt Lake City will stay the same in the near future, applying for a mortgage remains one of the best solutions to afford a home in the city.