The Pros and Cons of Buying a House in Utah

Utah is a state of many assets. Between towering mountain peaks, a booming economy, and a lower crime rate than most states, it ranks in the top ten most coveted states to move to. However, in a growing economy with those kinds of amenities, there are pros and cons to buying a home in Utah. Let’s take a look at them.

The Pros

1. Affordability

Compared to other states, Utah has a competitive cost-of-living, even if you choose to live in a city. Utah has similar amenities as its next-door neighbor, Colorado, but is slightly more affordable. Even though the influx of new inhabitants has driven up housing prices, the median home price is still at $351,000 vs. Colorado’s median price of $381,000. Simultaneously, Utah’s GDP has risen at a faster rate than Colorado’s, which means your wages will likely be higher too. You’ll be able to cover the mortgage and have some spending money besides.

2. Outdoor Sports

With mountains and lakes to die for, Utah is an outdoor lover’s paradise. Would you like to scale a frozen waterfall, ski down some breathtaking slopes (or ski up while attached to a kite), camp in a yurt, or whitewater-raft a river? There’s something for every level of die-hard adventurer.

3. Low Crime Rate

Almost nothing beats a safe place to live. Utah is on the top-ten list of states with the lowest crime rates, with violent crime being almost 40% lower than other states. This may be due to Utah’s strong religious influence, but regardless of the reason, you’ll feel safer knowing that your chances of getting mugged or robbed are low.

4. Growing Economy

Utah’s economy is growing at a faster rate than most of the other states in the country—it comes in fifth. Even with more people, the jobs available have risen to match the demand and unemployment remains at a low rate of 3.1%.

5. Housing Market

Currently, Utah has a warm housing market. It’s listed as the third-fastest growing state in the United States with a projected housing market increase of 4.8%. With this kind of increase in the cards, the best time to buy is now. Then, if you decide to sell your home in several years, you should be able to make a nice profit.

The Cons

1. Congestion

With all the new people flooding into the state, that means the roads in the city are getting more congested too. Thankfully, there’s also an excellent public transportation system, so if you learn how to navigate it, you’ll still be able to get around reasonably well.

2. Taxes

Utah does have higher tax rates than about half the states of the United States. If you’re used to not having a state tax, you’ll need to prepare for this, as well as for paying property taxes of about 0.66%.

3. Air Quality

Believe it or not, even in a state with so much natural beauty, smog is an issue. Salt Lake City experiences what is called the inversion effect, a situation where the mountains trap the airflow and cause smog to cover some parts of the city for a couple of days. Having your air ducts cleaned on a regular basis will help ensure your indoor air quality is much safer than it is outdoors during an inversion.

4. Rising Home Prices

Yes, with a growing GDP, growing job market, and growing population, home prices are going up too. Unless you’re willing to live outside the city and deal with a long commute, you might have to bite the bullet and buy a home before the price goes up even more.

5. Vast Uninhabited Areas

If you venturing far from the Wasatch Front, make sure you have a serviced car and a full tank of gas, as there can be a hundred miles to the next city! Granted, there will be incredible sights to see on the way and a generous speed limit of 80 miles per hour, but civilization, and all of its comforts, will be far away.

Whether you’re a renter that’s already living in Utah or you’re considering a move to Utah, the choice of whether to buy or rent is yours. But if you’re planning to be in the state for several years, we definitely think the pros outweigh the cons of buying a home in Utah!

And if you buy a home, we’re always here for you. We’re committed to helping Utah homeowners have the safest and cleanest indoor air quality possible. Contact us at 801-561-0924 if you ever need an air vent cleaning or click the button below!