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Utah is famous the world over for its Salt Lake and large land mass. It is almost 85,000 square miles in size which makes it the 11th largest state in the U.S. Its mountains also have the tallest average per peak in America. Additionally the Great Salt Lake has 10,000 miles of shoreline alone. Now that the state also has its own popular basketball team there's an even higher national profile to Utah. So how is this land of lake kayaking and arenas full of wild, screaming basketball fans faring in the current real estate market? To say it's growing is an understatement— residential real estate in Utah is one of the fastest-growing sectors of its dynamic economy! Utah has a per capita income of over $36,000 and a gross state product of over 90 million dollars. Although popular opinion holds this state as a rugged territory with a mountainous terrain and a strong Mormon presence, it's also begun to widen its scope and reputation. Characteristically, salt production is indeed a major industry here. So is mining and ranching; but the state has also begun to incorporate a great deal of information technology into its repertoire. What's really surprising is that Utah is one of the fastest-growing states in the Union, second only to Colorado—and that makes residential real estate in Utah very enticing indeed! Salt Lake City is the capital of Utah. It's only got a bit over 180,000 residents, which is a lot until you realize this is actually the most populous city in the state. As an example of market growth, and how residential real estate in Utah is faring, take a look at the downtown area of the capital. Salt Lake City's number of residences has recently gone up by an astonishing 80 percent in the downtown area. This is partly due to the development of condominiums by the Mormon Church. So why are Utah and Salt Lake City so popular? The housing boom never hit this place as much as in some other states. The average price for a home is $230,000, which means that many families find this state welcoming in terms of cost-of-living. There has also been a general demographic population shift to the West, which has benefited the residential real estate in Utah as well. Overall, if you want to live in an economy that is growing, in a state that is seeing the benefits of intra-country migration, and where the housing market is generally stable and has never grown out of control as in much of the rest of the U.S., then Utah is ideal for you. Whether you're looking to buy or invest, you should keep an eye on this part of the country.
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