Salt Lake County Real Estate and Livability Trends
Salt Lake County, Utah, has seen home values jump from $234,700 in 2015 to $440,400 in 2022, surpassing both state and national trends. This surge may appeal to investors and relocators eyeing favorable economic conditions. The increase in state and local taxes, from $5,742.03 in 2012 to $13,414.19 in 2021, underscores a robust local economy, potentially driving higher property values. Even... Read more
Salt Lake County Market Trends
Salt Lake County's home values catapulted from $234,700 in 2015 to $440,400 in 2022, outpacing Utah’s and national trends. Investment and relocation prospects might see this as a signal of favorable economic conditions. Energy tax credits spiked to $4,003.77 in 2018 but stabilized around $2,300, pointing to increased energy-efficient investments and possibly signaling market saturation or... Read more
Median Value of Occupied Housing Units in Salt Lake County, Utah Over the Last 8 Years
Salt Lake County's median home values have seen a steep rise from $234,700 in 2015 to $440,400 in 2022. This increase outpaces both the state of Utah, which grew from $215,900 to $408,500, and national trends, which moved from $125,500 to $179,400 over the same period. Those looking to invest or relocate might note that while growth at the county level mirrors broader trends, it also suggests a more rapid appreciation in home values. This possibly indicates favorable economic conditions or increased desirability in the area.
Residential Energy Tax Credit Per Tax Return in Salt Lake County, UT Over the Last 9 Years
Residential energy tax credits in Salt Lake County, Utah have shown remarkable growth over the last nine years, starting from approximately $377.53 in 2013 and peaking around $4003.77 in 2018. Despite a significant spike, there appears to be a stabilization from 2019 onwards, with values hovering around $2300. This trend may indicate a growing emphasis on energy-efficient investments, but the recent plateau suggests either a market saturation point or adjustments in tax credit policies. This could be meaningful for investors and property developers considering energy-efficient projects, as well as real estate agents and appraisers who need to factor in potential tax incentives when valuing homes.
Average Real Estate Taxes Per Tax Return in Salt Lake County, UT Over the Last 10 Years
Salt Lake County, Utah has seen a steady rise in average real estate taxes per tax return over the past decade, with notable jumps after 2017. Starting at $2,478.25 in 2012, the figure has increased to $4,193.43 by 2021. This trend hints at rising property values, potentially impacting decisions for those looking to invest, buy, or build in the area. Real estate agents, appraisers, and insurance agents might find this data useful for planning and advising their clients accordingly.
Percentage of Farm Returns in Salt Lake County, UT Over the Last 10 Years
Salt Lake County has seen a gradual decline in the percentage of farm tax returns over the past decade, moving from around 0.19% in 2012 to approximately 0.12% in 2021. This trend may suggest a shift away from agricultural activities, which could be attributed to urban development or changing economic factors. For potential investors, builders, or new residents, this trend might indicate a transition in land use and economic focus, potentially impacting property values and local market dynamics.
Number of Mortgages by Occupancy Type in Salt Lake County, UT Over the Last 5 Years in Salt Lake County
Salt Lake County, Utah has seen varying trends in mortgage counts by occupancy type over the last five years. Principal residences consistently dominate the mortgage market, indicating strong demand for owner-occupied housing. Investment properties saw a noticeable peak in 2021 before declining again, perhaps reflective of fluctuating investor confidence or economic conditions. Second residences, albeit a smaller slice, stayed relatively stable but low, suggesting limited growth in the vacation home segment. These shifts are crucial for investors and real estate developers, as they point to changing demands and potential market opportunities. For insurance agents and appraisers, understanding the prevalent occupancy types can aid in risk assessment and property valuation.
Economic Outlook
Salt Lake County, Utah has seen a steady climb in average taxable income per tax return, rising from $59,894.02 in 2013 to $99,174.45 by 2021. The consistent rise in income, alongside an increase in state and local taxes from $5,742.03 in 2012 to $13,414.19 in 2021, underscores the county's robust economic environment. Additionally, the drop in the poverty rate from 11.5% in 2013 to 7.3% in 2022 may signal a strengthening local economy. Real estate professionals should note these trends as they... Read more
Average Taxable Income per Tax Return in Salt Lake County, UT over the last 9 years
Salt Lake County, Utah has seen a noticeable upward trend in average taxable income per tax return over the past nine years. Starting at $59,894.02 in 2013, this figure climbed steadily each year, reaching $99,174.45 by 2021. This consistent increase, particularly the significant jump from 2020 to 2021, suggests a robust economic environment and growing prosperity in the area. For investors, real estate agents, and those considering moving to the region, this trend indicates a potentially stable market with rising income levels, which may underpin property values and economic vitality. It's also valuable for appraisers and insurance agents to consider the broader financial health of residents when assessing property risks and valuations.
Average State and Local Income Taxes Per Tax Return in Salt Lake County, UT Over the Last 10 Years
Over the last decade, the average state and local income taxes per tax return in Salt Lake County, Utah have seen a notable upward trend, jumping from around $5,742.03 in 2012 to approximately $13,414.19 in 2021. This consistent rise in taxes could suggest increasing income levels and economic growth in the area but might also impact affordability for potential newcomers. Real estate agents, appraisers, and developers should consider these tax dynamics when assessing property values and advising clients. Additionally, those interested in moving or investing in Salt Lake County might want to evaluate the tax landscape as part of their decision-making process.
Average Total Tax Liability Per Tax Return in Salt Lake County, UT Over the Last 10 Years
Over the past decade, Salt Lake County, Utah has seen a noticeable increase in the average total tax liability per tax return. Starting from approximately $10,449.84 in 2012, there has been a general upward trajectory, peaking significantly at around $18,289.35 in 2021. Key jumps can be observed around 2020 and 2021, which could be related to economic or policy changes during that period. This trend highlights the growing financial demands on residents, which might interest investors, homebuyers, and real estate agents assessing the fiscal environment. Appraisers and insurance agents may also find this data pertinent when evaluating property values and insurance premiums in the region.
Cost of Living in Salt Lake County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,061 | $1,496 | $1,661 | $1,620 | $1,796 |
| 1 adult 4 children | $2,061 | $1,222 | $1,264 | $1,620 | $1,948 |
| 2 adults 3 children | $2,061 | $1,222 | $1,444 | $1,620 | $1,547 |
| 1 adult 3 children | $2,061 | $998 | $1,047 | $1,620 | $1,685 |
| 2 adults 2 children | $1,504 | $1,000 | $1,227 | $1,410 | $1,127 |
| 1 adult 2 children | $1,504 | $747 | $830 | $1,410 | $1,200 |
| 2 adults 1 child | $1,504 | $791 | $1,010 | $728 | $1,001 |
| 1 adult 1 child | $1,504 | $511 | $613 | $728 | $913 |
| 2 adults | $1,258 | $635 | $793 | $0 | $784 |
| 1 adult | $1,051 | $346 | $397 | $0 | $659 |
Safety trends & Data
Over the past five years in Salt Lake County, Utah, larceny-theft has consistently been the leading property crime, showing a decline from 6,787.00 incidents in 2018 to 4,959.00 in 2021, before a slight uptick to 5,442.00 in 2022. Vandalism and burglary also feature prominently, with vandalism peaking at 1,309.00 cases in 2018. Motor vehicle thefts and arson, although lower in numbers, have shown variability, with motor vehicle thefts hitting a high of 248.00 in 2022. These changing dynamics in... Read more
Property Crime Trends in Salt Lake County, UT Over the Last 5 Years
Over the past five years in Salt Lake County, Utah, larceny-theft has consistently been the most prevalent property crime, although there's a noticeable decline from 6,787.0 incidents in 2018 to 4,959.0 in 2021, followed by a slight increase to 5,442.0 in 2022. Vandalism and burglary also feature prominently, with vandalism peaking in 2018 at 1,309.0 cases and experiencing fluctuating numbers afterward. Motor vehicle thefts and arson, while lower in comparison, have shown variability year on year, with motor vehicle thefts reaching a high of 248.0 in 2022. These trends indicate changing dynamics in property crime, which may influence insurance rates, property values, and overall investment attractiveness in the area.
Demographics
In Salt Lake County, Utah, the adult population is almost evenly split between males and females. The data hints at a diverse range of educational attainment, with a significant number holding a bachelor's degree or higher, yet a considerable portion hasn't advanced beyond high school. Age distribution trends reveal a prominent young adult demographic, particularly within the 25 to 34 years range. The racial composition is predominantly white, but there's a notable presence of other racial... Read more
Race Distribution in Salt Lake County, Utah (2022)
Educational Attainment in Salt Lake County, Utah (2022)
Age Distribution in Salt Lake County, Utah
Citizen Population in Salt Lake County, Utah (2022)
Political Trends & Data
Salt Lake County, Utah, leans modestly Democratic with about 53% of the vote share in the 2020 U.S. Presidential Election, while Republicans garnered roughly 42%, indicating a fairly competitive political landscape. Lesser-known parties, including Libertarian and Green, barely crossed the 4% threshold, highlighting the county's strong two-party... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Salt Lake County in Utah saw a modest majority leaning toward the Democratic party, with approximately 53% of the vote share in the 2020 U.S. Presidential Election. Republicans captured around 42%, suggesting a relatively competitive environment. Lesser-known parties like the Libertarian and Green parties, along with other third-party candidates, made up a small fraction of the votes, barely exceeding 4%. This reflects a diverse but predominantly two-party system within the county.
42.11% of voters voted for the Republican party in the 2020 Presidential Election
53.04% of voters voted for the Democrat party in the 2020 Presidential Election
2.24% of voters voted for the Livertarian party in the 2020 Presidential Election
0.40% of voters voted for the Green party in the 2020 Presidential Election
2.21% of voters voted for the Other party in the 2020 Presidential Election
School Data
Salt Lake County, Utah shows significant variability in student-to-teacher ratios over the past six years, hitting nearly 53 students per teacher in 2019 and dropping to around 20 in 2023. With these numbers well above the national average of 14, concerns about classroom sizes and quality of education emerge. Potential real estate investors, new residents, and developers may want to consider these trends as they reflect the area's fluctuating educational resources. Insurance agents and... Read more
Student-to-teacher ratio in Salt Lake County, Utah over the last 6 years
Salt Lake County, Utah exhibits significant fluctuations in student-to-teacher ratios over the last six years, ranging from a high of nearly 53 students per teacher in 2019 to a low of about 20 in 2023. These numbers are well above the national average of 14 students per teacher, which potentially raises concerns about classroom sizes and quality of education. Those looking to invest in real estate, move to the area, or build property may want to consider these figures as they indicate potential variability in the educational environment. Moreover, insurance agents and appraisers might find these trends relevant when assessing community needs and risks associated with fluctuating educational resources.
