Overview of the Commercial and Residential
Real Estate Market in Utah
Known as the Beehive State, Utah has a population of 2,942,902 and a median home value of $212,800. The median household income is $58,821 and 30.3 percent have a bachelor's degree or higher. The capital, Salt Lake City, is the largest city in the state and has a population of 191,180, according to the U.S. Census. Its median home value is $236,600 and the median household income is $45,862. Forty-seven percent of the city's residents live in multi-unit structures and the homeownership rate is 49.5 percent. Utah's second-largest city is West Valley City. It has 133,579 residents, a median home value of $170,100, and a median household income of $52,389. The homeownership rate is 68.1 percent and 22.7 percent of its people live in multi-unit structures.
The entire state of Utah is experiencing an increase of interest from major corporations, and a great deal of new construction is currently underway to accommodate the expansion of existing companies and make way for new corporations. Adobe, Goldman Sachs, Vivint, Progressive Finance, and StorageCraft are just a few of the major companies benefiting from the state's talented and well-educated pool of employees. Forbes recently ranked Utah the best state for business. It cited energy cost being 26 percent lower than the national average (third lowest in the country) and economic expansion of 2.4 percent a year for the past five years. Utah is home to several major IT and software companies. It is also attractive to many financial services companies. Goldman Sachs has 1,700 employees in the capital city and expects to expand their operation in Utah over the coming years.
Office Rental and Executive Suites in Salt Lake City, UT
How to Become a Realtor in Utah
Under the Utah Department of Commerce, the Division of Real Estate protects the public by providing education and licensure standards for all real estate agents in the state. Headquartered in Salt Lake City, the Division of Real Estate requires applicants be at least 18 years old and supply fingerprints for the purpose of a background check. In addition to successfully completing 120 hours of approved real estate courses, applicants must prove to the Division that they are honest, competent, and have a reputation of integrity. The required exams cover real estate, math, bookkeeping, and English. Applicants must apply for their license within 90 days of passing the state exam. Utah has reciprocity agreements with Alberta, Canada and the states of Mississippi and Georgia. Active real estate agents licensed in a state that does not have reciprocity with Utah may qualify for an education waiver or exam waiver.