Morgan
Real Estate
Three Cities In Utah Featuring In The Most Exorbitant Markets In The USA
Despite the pandemic wreaking havoc all over the world and triggering a demand dip in the real estate market all over the world, the picture in Utah was somewhat different. Those who have been house hunting in this state know that.
#19. Ogden, Utah
- Average property taxes in 2021: $2,529 - Average property taxes in 2020: $2,309 --- (up 9.5%) The mountain town of Ogden is known for scenic views, hiking, art, and nearby ski resorts. Americans moved en masse to cities in Utah—including Provo and Ogden—driving housing prices up. A May 2022 study Florida Atlantic University and Florida International University found that Ogden was one of more than a dozen cities across the U.S. that are now overvalued by more than 50%.
Gen Z homeownerhsip rates by state
At the metro level, affordability is likewise a major factor, with relatively low-cost locations being at the top of the list of cities with the highest Gen Z homeownership rates. One exception, however, is nation-leading Ogden, Utah, where nearly 30% of Gen Z householders own. While Ogden’s median home price is more than $500,000, it is located in the state with the lowest median age at first marriage. The data used in this analysis is from the U.S. Census Bureau and Zillow. To determine the locations with the highest Gen Z homeownership rate, researchers at Porch calculated the homeownership rate for householders aged 15–24 in 2020. In the event of a tie, the location with the higher total number of Gen Z owner-occupied households was ranked higher. To improve relevance, only the 100 most populous metropolitan areas were considered for this analysis. Here are the U.S. metropolitan areas with the highest Gen Z homeownership rates.
Three Utah cities rank top 10 in the U.S. for overpriced houses
Housing prices in Utah are so far above historic trend lines, that three cities are currently among the 10 most overpriced markets in the country. That's based on a new analysis from Florida Atlantic University. Driving the news: Average home prices at the end of April were about 56–65% higher than expected, according to the report which compared actual average prices to long-term pricing trends.By the numbers: Ogden was the third most-inflated market in the country, topped only by Boise, Idaho, and Austin, Texas.Provo ranked No. 7, with an average home price of $585,024, 57% above the analysis' expected average...
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