Provo-Orem area ranked number two in nation for first-time homebuyers
Dec 13, 2023, 3:30 PM
(AP Photo/Matt Rourke)
PROVO, Utah — If you’re a first-time homebuyer, the Provo-Orem area is one of the best places in the nation to buy, according to a study by Consumer Affairs.
The study shows that the Provo-Orem area ranks second in the country as the best place for first-time homebuyers.
There are many reasons behind the ranking and Deanna Devey, spokesperson for the Utah Association of Realtors, explained them to KSL NewsRadio.
Devey said the median home price in the Provo-Orem area is lower than other areas in the state. Furthermore, the home appreciation rate is incredibly high. That means the homes become more valuable as time goes on.
In addition to a low median home price, there is booming job growth which draws a lot of new residents.
“Just has so much tremendous job growth, so many opportunities for people to stay in the area, for people to come in the area to have good jobs. And that labor market drives our housing market,” Devey said.
Also, areas ranked high on the list because it has the lowest violent crime rate in the country.
“It’s a wonderful place to live. Many recreational opportunities, quality of life, (a) really great place for people,” Devey said.
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