All 50 states and the District of Columbia are included in this study.
- Average annual pay is found by including all workers covered by unemployment insurance and adjusted by state for cost of living. The Utah average is $46,655 and the national average is $53,621.
- Households with a savings account - 88.1% of Utahans have a savings account. The national average is 70.8%
-Home ownership rate is calculated by the percent of occupied housing units that are owner occupied. The Utah average is 69.9% and the national average is 63.1%.
- Emergency savings - 71% of Utahans stated they set aside some money for emergencies. The national average is 56%.
-Foreclosure rate is calculated by how many loans are in foreclosure. Utah's rate is .43%, the second lowest in nation.
-The delinquent mortgage loans result is the percentage of mortgage loan payments 90 days or more past due. The national average is 1.2% and Utah is at .68%.
- Affordability of homes is found by dividing the median housing value by the median family income. Utah ranks 33rd.
-Prosperity of residents - This number is the cumulative result of the study - the scorecard. It takes into account Financial assets and income, Businesses and jobs, Home ownership and housing, Healthcare, and Education.
Of the 3,051,147 Utah residents and 943,147 households in Utah, 30.2% of them are under 18 years old and 10.5% are 65 and over.
I enjoy seeing statistics like these and thinking about the real estate market not only in the state but in our valley as well.
There is a strong, solid, housing market statewide and especially in the Heber Valley. This means that if you currently own a home, you're in a sweet spot because it's value is increasing. Your equity is increasing and your resale value is as well. If you are planning on being a homeowner but currently are not, this means the sooner you buy in, the better.
As Utah's business and job market continues to increase, as well as the state's exceptional educational opportunities, more people will be drawn to move into the state. With those moving in and those that were raised here stay as adults to live, work, and raise families, we will continue to see Utah come out on top of these kinds of studies as a desirable place to be. Take a look at the study, it really is very interesting with much more information than what I just shared with you.
I enjoy helping families find a place to call their own. Let me know if you would like my help. Call or text 801 631-3430.
Brought to you by Heath @ HeathsHomes.com
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