There's a New Buyer in Town
Nationally, the U.S. homeownership rate rose in 2017 for the first time in 13 years, and millennial home ownership was the largest increase of any age group from 2016-2017. As the largest population group in U.S. history, millennials are looking outside major cities like San Francisco and New York to more reasonably priced metropolitan areas, making Utah an attractive option.
Utah’s strong economy and attractive lifestyle options can account for continuing to bring many millennials to the Utah, despite rising home prices. According to realtor.com, “high prices aren’t locking younger buyers out of the market especially in Utah county.” Provo, Utah was recently named one of the most popular new cities in the country with a 56.5% of mortgages being issued to millennials.
And the trend looks likely to continue. In the next five years, a whopping 66% of millennials are expected to buy homes...will one of them be yours?
If you’re curious what your home would sell for, contact a member of the BHURDinUtah team today. We’re happy to answer your real estate questions and provide local market advice that you can trust.