SANDY (March 28, 2016) – Salt Lake City was named the No. 1 “Trendiest U.S. City Where You Still Can Afford to Buy a Home,” according to a survey this month by Realtor.com.
The survey tracked 500 U.S. cities and looked at six areas: Number of foodie hot spots, number of bike shops, number of yoga studios, number of cultural outlets, the increase in the population of 25- to 34-year-olds, and housing affordability.
“A flood of young, educated professionals to Salt Lake City is driving new trends,” said Cheryl Acker, president of the Salt Lake Board of Realtors®. “Salt Lake City is embracing new cultural venues, locally-owned restaurants, bike sharing and yoga fitness.”
Some of Salt Lake’s hipster areas include: The George S. and Dolores Doré Eccles Theater, a new 2,500-seat Broadway-style performance center in downtown Salt Lake City set to open in October; and the Sugar House and Liberty Park neighborhoods where small businesses and food-driven establishments locally source their food.
Compared to other leading cities, Salt Lake housing prices are a bargain. The median home price (all housing types) in Salt Lake County in 2015 was $248,500. Among Salt Lake City’s more trendy neighborhoods, home prices also were reasonable. Single-family home prices in Sugar House stood at $278,000 in the final quarter of 2014. In the Avenues, the median home price in the fourth quarter was $424,700.
Other factors propelling Salt Lake City to the No. 1 spot was the Sundance Film Festival and strong job growth. Utah had the strongest job growth in the nation from 2014 to 2015, according to a 2016 economic report. The survey noted that Salt Lake City’s affordable housing market – combined with its educated workforce and transit system – have lured high-tech companies and millennials from across the nation.
Rounding out the top five trendiest cities were: Richmond, VA, Asheville, N.C., Pittsburgh, Pa., and Minneapolis, Minn.
About the Salt Lake Board of REALTORS®
The Salt Lake Board of REALTORS® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. Established in 1917, the Salt Lake Board of REALTORS® is a leader in protecting private property rights. As Utah’s largest real estate trade association, the Salt Lake Board of REALTORS® assists its members to better serve the public through continuing education, advocacy and a professional code of ethics.