With a population of 3.1 million, Utah pales in comparison with California, which has over 38 million residents. But the Beehive State isn’t backing down. It is currently the nation’s fastest-growing state, according to the U.S. Census. From 2015 to 2016, the population grew 2 percent, beating the national average of 0.7 percent.

1. Know the Buyers
of Utah Homes
Froerer Real Estate

2. With a population of 3.1 million, Utah pales in comparison with California, which has over 38 million
residents. But the Beehive State isn’t backing down. It is currently the nation’s fastest-growing
state, according to the U.S. Census. From 2015 to 2016, the population grew 2 percent, beating the
national average of 0.7 percent.
For those who are planning to sell or rent their home, this is good news. Even better is the fact that
the demand remains higher than the supply. It gives potential investors an upper hand, especially in
price.
But competition is also fierce in the industry. One of the ways to take off the property from the
listing fast is to understand the buyers of Utah homes. Who are they?
Froerer Real Estate, the state’s leading property management firm, gives a short overview:
1. Most live on the Wasatch Front.
Around 80 to 90 percent of the state’s population resides in this region, making it one of the
most urbanized areas in the country. Within the area, the majority of people live in Salt Lake
City. Others are in Ogden, Weber County, Davis County, and Brigham City. For this reason,
home prices in these neighborhoods are higher than the state median price, which is around
$270,000.

3. 2. They are likely Millennials.
The Millennials, or those born between 1982 and 2000, currently make up more than 22
percent of the state’s population. This figure is higher than that of the Boomers, who are
about 17 percent.
Millennials are different from the Baby Boomers as far as home buying is concerned. They are more
informed than the Boomers, so before they choose a home, they spend time doing research. This
group, therefore, may participate in open houses. They compare properties. Even though they prefer
to live in the urban areas, they may choose a suburban home as long as it’s near their place of work.
They may also delay buying a home if necessary, as they opt to raise their down payment or wait for
their dream home to come by.
Marketing a home for rent or sale is not easy, considering the competition. It would be ideal to work
with specialists who can perform the advertising and have a more in-depth knowledge of the real
estate landscape of the state.

4. Resources:
http://archive.sltrib.com/article.php?id=53794385&itype=cmsid
http://eccles.utah.edu/news/u-s-census-diverse-populations-contribute-to-utahs-growth-youth/
https://www.inc.com/john-white/how-millennials-are-changing-the-housing-market.html
https://www.froerer.net