How millennials are keeping Utah’s housing market booming

A normal rule of thumb in actual property is that this: the youthful you might be, the much less possible you might be to really personal your house. However the Salt Lake market is bucking that rule. (Tanner Siegworth, KSL-TV)

Estimated learn time: 2-3 minutes

SANDY, Utah — A normal rule of thumb in actual property is that this: The youthful you might be, the much less possible you might be to really personal your house. However the Salt Lake market is bucking that rule.

Kevin Leppink is out there for a brand new place to reside. He’s 29 years younger and purchased his first house when he was 24. He mentioned if house costs had been this excessive when he first purchased 5 years in the past, he could by no means have been in a position to transfer out of his father or mother’s basement.

“The fairness is gone up a fairly good quantity,” Leppink mentioned. “So, the fairness is sort of what’s serving to me get a brand new home.”

However regardless of our skyrocketing house costs, youthful Utahns are discovering a means to purchase. Information from FilterBuy, which used data on homeownership from the U.S. Census Bureau, exhibits that Salt Lake Metropolis is on the very high of the listing for millennial homeownership in massive cities.

One of Jennifer Gilchrist clients is 29-year-old Kevin Leppink, who is looking to buy his second home.
One in all Jennifer Gilchrist shoppers is 29-year-old Kevin Leppink, who’s trying to purchase his second house. (Picture: Tanner Siegworth, KSL-TV)

Millennials are 51.4% of house owners within the Salt Lake Metropolis space. Ogden tops the listing of mid-sized cities with the share of millennial homeownership at 64.4%. With 51.6%, Provo ranked thirteenth on the listing of mid-sized cities. Every of these Utah cities is nicely above the nationwide common of 43%.

Leppink finds the information stunning.

“I really feel prefer it’s a little bit tougher for them as a result of costs are a little bit larger,” he mentioned. “Possibly they’re simply discovering higher offers or transferring into cheaper homes. Nevertheless it is a bit more troublesome on this market proper now.”

Leppink’s agent, Realtor Jennifer Gilchrist, is just not shocked.

“Sixty p.c of my shoppers over this final yr are millennial consumers,” Gilchrist mentioned.

Realtor Jennifer Gilchrist explains to KSL’s Matt Gephardt that 60% of her clients are millennials – people born between 1981 and 1996.
Realtor Jennifer Gilchrist explains to KSL’s Matt Gephardt that 60% of her shoppers are millennials – individuals born between 1981 and 1996. (Picture: Tanner Siegworth, KSL-TV)

So, what’s it about Utah cities and shopping for younger?

“I feel in Utah, individuals begin having households lots ahead of in most locations,” Gilchrist mentioned. “And by the point you get one or two little youngsters, you do not actually wish to reside in mother’s basement anymore and also you’re able to exit and discover your individual house.”

Older Individuals are nonetheless extra prone to personal their houses, however no query, this information exhibits “the youngsters” are a rising drive out there, particularly Utah’s market.

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Matt Gephardt

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