Utah has become one of the most attractive places for companies and Millenials. If you are looking for the best places to own an investment property, it is no secret that Utah has the kind of potential you are after. Utah real estate industry has seen an increased demand for new construction homes. Millenials are moving to Utah to tap on the increasing job opportunities. Therefore, for those eyeing the property investments, saint George Utah real estate is a promising venture. In this post, we are going to analyze some of the best cities in Utah to own an investment property and earn a good profit.
1. South Ogden Utah
Located in Weber County Utah, South Ogden is a growing city with an estimated population of over 17,000 people. The city features a dense suburban feel with a majority of the residents living in their own homes. Ogden features great potential when it comes to property investments. In fact, Ogden is one of the cities in Utah where the properties are relatively affordable, with good returns in case of rental properties.
The city’s median property price at approximn$230,000, while the median rent is averaged at $1,207. The annual rental income averages $14,484.
2. South Salt Lake
Rated as one of the most populous cities within the state of Utah, Salt Lake City provides a good opportunity for those interested in property investments. The median property price is 206,300, with the median rate at $861 against the national average of $949.
Living in South Salt Lake provides a mix of urban and suburban feel. The City provides different recreational activities, hence suitable for many families and younger professionals. With a population of approximately 25,000 people, South Salt Lake continues to register an increased demand for modern homes.
Orem is a city within the state of Utah. Located in the Northern part of the state, Orem is rated as one of the best places to live, enjoying a dense suburban feel suitable. The City provides suitable residence for young professionals and it is one of the family-friendly cities. Orem City has registered a growing population with the population approximated to be over 95,000. Orem provides several recreational activities with the city hosting a number of parks. The demand for housing is pushing the median home value high, with the numbers standing at $247,100 while the median rent is at $983.the public schools located in Orem are rated at above average, making the city an ideal place to live for families with children who have attained the school-going age.
4. St. George Utah
Southwest Utah is the City of St. George, which is rated as one of the best places to live in the state of Utah. In the past decade, St. George Utah real estate has registered high demand for new construction homes. Therefore, if you are interested in Utah’s real estate, St. George is an ideal place to put up or buy an investment property. The City features friendly weather all year round while there are different recreational activities. The Saint George real estate industry has registered a median home value of $362,500. The median rent price in Saint George stands at $1,495.
Draper is a city in the state of Utah, with a population of close to 50,000 people. The City features a hot real estate market with the home values increasing annually. For the investors eager to take advantage of the growing Utah real estate, Draper would be the best place to purchase an investment property. The city recently announced plans to clear additional land to allow the development of residential properties, a move that is expected to drive the demand for residential properties high. Given the potential population growth, Draper will be the next most attractive cities to invest in Utah real estate for sale.
Real estate investors continue to strengthen their investment strategies, focusing on the cities we have highlighted as their next investment destination. Investors can still expect to make profits as the demand for housing in those cities is increasing annually. Are you interested in buying an investment property and take advantage of the booming Utah real estate industry? Focus on the cities we have highlighted, and you will not regret your choice.