That’s right, we have known for a while that Utah County, referred to by Forbes as the Provo – Orem area, is a special place. You may also have seen home prices in the county on the move as well.
Well now the rest of the country knows it as well. On February 1st, Forbes reported in their article Forbes: Full List: Where To Invest In Housing In 2018 Provo-Orem as the second best market to invest in across the country. The premise of the list was to rank markets that represent potential for decent returns without outsized risk.
As residents, we have seen the local economy continue to strengthen leading to population growth and housing demand. As an example, the once sleepy Lehi has now become quite a hub for both technology companies and housing.
One of the driving factors that has led to an attractive investment market is the population growth rate. In the article, Local Market Monitor sites a projected 3-year growth rate of 7.2%. Compare that to the sited projected national average 3-year growth rate of 2.6% and it is clear to see one of the contributing factors to the demand in the Provo – Orem, Utah County area!
The article projects an average 1-year price increase of 10%, 3-year price increase of 31%. Those numbers are particularly impressive given the national average of a 6% average 1-year price increase and a 14% average 1-year price increase.
So if you were considering investing in real estate in the cities in Utah County, I would give the Forbes article a read!