Young professionals are more likely recently to invest their money in homes. When they do, they often seek to fulfill their aesthetic and cultural tastes rather than their practical needs. In Salt Lake City, their options for doing so are varied and bountiful. But like their married counterparts, singles also need to consider the more pragmatic aspects of buying a home in Salt Lake City or other urban areas.

 

How do you find the right home in the right location?

Population 181,743	Median Age 30.0 yrs	Household Size: 2.48
Avg Home Value: $153,300	July High: 89.0°F	January Low: 25.2°F

 

Buying a Home in Salt Lake City

It’s becoming less unusual to hear about single young urbanites taking the plunge and buying homes. But singles are generally loath to purchase the polished, new suburban homes that their family-oriented, married counterparts often look for. It’s not space, yards, and barbecues they seek—it’s an investment of money, as opposed to the money pit that an apartment can be.

We’ve already established that the single isn’t looking for something in the suburbs. So, where would, or should, a young professional look when buying a home in Salt Lake City? Many young singles in their twenties and thirties work and play downtown, of course, so neighborhoods accessible to the central city make sense. Sugar House, the Avenues, and the Marmalade district fit the bill and appeal to the urbanite’s aesthetic, as well. Sugar House, one of Salt Lake City’s oldest neighborhoods, is the site of Westminster College, and while it was once a deteriorating slum, recent revitalization has turned it into a very desirable—yet diverse and historically rich—place to live. And how about Capitol Hill? The Hill, which slopes downward to the South and offers a lovely view of the city, boasts some of the most diverse architecture in Utah. Adobe homes share space with Gothic Revival homes, Victorian houses, and Russian-inspired churches. If you’re buying a home in Salt Lake City and you’re looking for a place with character, you can’t do much better than a residence in Capitol Hill.

And of course, there’s Central City. In the core of Salt Lake City’s residential and commercial areas, it would be nearly impossible to avoid the culture, nightlife, and all else that downtown SLC has to offer. With the University right in Central City, the area is a haven for students and young, college-educated professionals.

By contrast, those home-buyers who belong on the other end of the spectrum—established families, for example—may opt for brand new homes in brand new places, like subdivision South Jordan. Federal Heights, on the other hand, combines history with affluence. With its sprawling, costly homes dating to the early 1900s, Federal Heights attracts buyers with the most spending power.

But no matter who you are—whether you’re a young professional or the head of a home-buying family—buying a home in Salt Lake City requires taking a good, hard, practical look at the neighborhoods you may come to live in. That’s true for any city in the world, in fact. What do you need to look at, aside from aesthetics and cultural opportunities?

• Anyone buying a home in Salt Lake City—or anywhere else, for that matter—needs to identify the crime rate of any neighborhood they look into. Depending on your preferences, this may rule out neighborhoods with a great deal of “character.”
• Appreciation. Whether they’re in Federal Heights or the Marmalade district, find out whether the homes you’re eyeing are increasing in value at an acceptable rate.
• Transportation. If you have your own vehicle, will it be easy for you to park and/or store it when it’s not needed? If you do not have your own, will you have decent public transportation options?
• The value of all other homes in a neighborhood, aside from the one you’re looking at. You don’t want their lesser value to decrease your asking power when you decide to sell someday.
• Schools. Even if you’re not a parent, you may wish to have access to educational opportunities. Is there a community college or university nearby? And if you are a parent, how are the reputations of the neighborhood’s schools?
• Property taxes. Young people sometimes study such details less thoroughly than those with more experience. It’s not just your mortgage you’ll be paying every month—you’ll be paying a chunk of what could be some hefty taxes.

By Nicole Zillmer

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®