New census estimates shows that Utah has the youngest population in the country. This bodes well for the real estate industry because of the demand for housing this growing population will require.
Census figures show that nearly one third of Utah’s population is under the age of 18, and one tenth is under age 5. The facts that Utah has a large population of women in childbearing years, and that they have more children than average, result in a younger total population.
University of Utah research economist Pam Perlich also adds that the State of Utah’s economy has been strong in recent years, usually ranking in the top ten percent nationally. This means that more jobs are available keeping the young people in State and even attracting younger families to Utah for jobs that are available.
A young population and strong economy also supports the State’s largest industry……tourism and recreation. This brings us to the long-term benefits that a growing population, strong economy, and growing dependence on tourism and recreation have on the strength of the real estate market in the Utah resort areas, and specifically Park City.
For now, Park City’s future growth may be dependent on the continued success of the Deer Valley, Park City Mountain Resort, and The Canyons ski areas, but Park City has other reasons to attract home buyers. Among these are: a hospital set to open in 2009 that will attract new professionals, the new home of the U. S. Ski and Snowboard Association, more than 1500 registered business, 250 retail stores, a new high school building, and the proximity to Salt Lake City and an international airport.
For current market information on vacation homes or investment properties in the Park City area, use the “Contact Us” button on the top of the web page. You can expect a response within hours from one of the http://www.youinparkcity.com/ real estate experts.
Submitted by Ken Drummet, 8/29/2008