Utah's population is growing fast! In fact we have recenlty been the fastest growing state in the country! Our great economy and ability to attract new businesses mean that people are coming to the Beehive state!
A recent KSL article stated that Utah’s population increased by 59,045 to a total of 3,114,039 from July 1, 2016, to July 1, 2017, according to a report released by the Utah Population Committee. In all, it’s a 1.9 percent increase in population!
The growth was nearly split in half between natural increase (annual births minus annual deaths) and net migration. About 54 percent of the increase came from births, while net migration accounted for 46 percent, according to the report.
Dr. Pamela Perlich, director of demographic research said,“The increased net in-migration is evidence of the relative economic strength of the state. Salt Lake County has attracted the largest percentage of the net in-migration flow, with a surge in multi-family residential units.”
The report concluded the 2017 population estimate shows similar growth to 2016, when it surpassed 3 million for the first time and was recognized by the Census Bureau as the fasted-growing state in the country. The committee also estimated that trend will continue in the future.
This news is good for people who own Real Estate in Utah. The economy in Utah is expected to continue to grow and the need for housing will also be increasing. New residents are looking for housing so if you are in the market to purchase an investment property, now is a great time to buy! Rentals are expected to be in high demand and a continuing need. Having renters contribute to your mortgage and gaining valuable equity in your home, is definitely a wise financial decision for your future. Many people compare it to investing in your 401K but even better!
Working in Real Estate I have seen many people retire and have the ability to use their rental income checks to live on each month in addition to Social Security income (which as most of us know is usually not enough to cover living expenses.) Once a rental property is paid off, it is extra rewarding to have a large payment coming in each month or a property that can eventually be sold at a big profit.
If you are considering making a move to invest in Real Estate (either buying a home for yourself to live in or as investment) now is a great time!