SALT LAKE CITY – New study says Californians aren’t the reason for rising house prices in Utah.
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The The Utah Foundation investigated whether the large number of California residents leaving their state was responsible for the spike. What they found was quite the opposite.
Instead of people moving in, the organization says the reason for the spike in prices is that people are not leaving Utah, especially in the Salt Lake City area.
A New York Times Report earlier this year, Californians accused Idaho home prices of rising 20% in 2020. According to the article, a candidate for mayor of one city even campaigned to prevent California residents of State.
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Many California residents are now able to leave behind the high cost of home ownership on the Pacific Coast and work from other locations due to remote access. But the Utah Foundation study indicates that fewer people, including Californians, actually moved to the Salt Lake metro area in 2020.
According to the study, “During 2020, fewer people actually moved on the Salt Lake City subway compared to previous years. Most of this population growth is linked to fewer departures (20 people per 100,000 people). And fewer departures are functionally equivalent to more people entering. “
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Utah is currently at an all-time high statewide home inventory, down 64% from February 2020, according to the latest data from the Utah Association of Realtors.