Salt Lake City
The Most Populated City in Utah
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The capital city of the State of Utah, it is also the U.S. State's most populated municipality. In 2018, the city had an estimated population of 200,591 residents. The metro area has a total population of about 1,222,540 residents.
Culture, History, and Business
The Great Salt Lake inspired the name of the city due to the proximity.
The city was initially known as “Great Salt Lake City.” However, the seventeenth Utah Territorial Legislature in 1868 removed the word “Great” from the city’s name.
The economy of Utah has emerged and consistently ranked as one of the United States’ most robust and fastest-growing economies in recent times.
A lot of companies are continuously moving to the state and creating lots of jobs, which has, in turn, attracted many individuals to its cities, including Salt Lake City.
The unemployment rate of Salt Lake City is 2.9%, which is lower than the country’s average of 3.9%. The increasing job market witnessed a growth of 1.5% in 2019, while future job growth predictions over the next decade are set at 39.9%, according to experts. This is higher compared to the predicted national average of 33.5%.
The city’s annual average income of a resident and the city’s annual median household income are $28,428 and $45,833, respectively. These are slightly below the national average for each category but decent earnings when compared with the cost of living.
Real Estate Appeal
Home appreciation in the city in 2019 was 13.8%. Additionally, the appreciation rate of homes in Salt Lake City over the past decade and the past five years is 52.8% and 58.8%, respectively. In the coming years, we guarantee the prices are only getting high.
The house rents are slowly beginning to grow, which makes Salt Lake City an excellent opportunity for investors to invest in rental units. The percentage of the city’s total population living in rented apartments is 47.5%.
Rental yields at the city center are at a rate of 6.65% while outside the city center is 8.49%. The cost of renting a one-bedroom in the city center and outside the city is $1209.53 and $977.34, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is $1,952.27 and $1497.73, respectively. The cost of an apartment in the city center is $3,781.89 per sq. meter while outside the city center cost €2,344.01 per sq. meter. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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