Originally, there was not a lot of draw to live in the mountain states. People either went there to work in the mines or to live a quiet life far away from the hustle of big cities. Today, the solitude that kept most people from calling those particular places home is the very source of their appeal.
The low-cost of living and the vast amount of natural environment is what draws people to live in these cities and they are growing rapidly. The main drive of this growth is the sought after lifestyle and the many job opportunities. The economy of such places is generally anchored by government services or local universities, but new jobs in healthcare, retail, and fine-dining are starting to play a big role in the growth.
Keith Knutsson explains that even though smaller markets are riskier places to invest, they are generally off the radar of large investors and his research gives us a look at some of the best mountain markets to invest in:
●Ada County - Boise - The job growth is double the national average due to the large presence of tech companies that offer high salaries, which gives the real estate market a boost. This also causes a rise in job opportunities in lower paying jobs, such as retail and restaurants, which expands the renters market
●Canyon County - Boise - This is a sub-market of Boise and is growing at a fast rate. The job and population growth is triple the national average, especially in the lower paying positions. The prices of purchasing a home here are much lower than Ada County, which makes single-family rentals an extremely alluring investment
●Bonneville County - Idaho Falls - Although the population growth is less than Boise, jobs are growing at twice the national average, particularly in the field of healthcare, which is beneficial for long-term growth. Most incomes here are fairly modest, which means that home prices will be low, making single-family rentals an attractive investment
●Gallatin County - Bozeman - Here the population and job growth is triple the national average. However, single-family homes have not kept up with the demand, which puts them at a higher price range in the market compared to rentals, but because many people cannot afford to buy a home, investors are purchasing homes and splitting them into rental units
●Yellowstone County - Billings - The population growth is average, but the job growth in this county is growing at twice the national average rate. Keith Knutsson suggests that there will be a modest rise in the price of homes (around 14% in the next few years), an average of 1,500 new rentals, and approximately 2,000 new homes
●Davis County - Ogden - Hill Air Force base is located in Ogden, and it is an important economic anchor, especially for job growth due to the manufacturing of aircraft parts. Even though many of the new jobs come with a modest pay, there is investment opportunity for rentals within the community
●Salt Lake County - Salt Lake City - Job growth is currently double the national average, because of business services, such as retailers and restaurants. These will boost the demand for both low and high- income housing. The prices of homes are somewhat high, which makes single-family homes a good investment opportunity and perfect for splitting into separate rental units
●Utah County - Provo - Job growth is triple the national average and population growth is double. Because it is a University town, students and staff make up a large part of the rental market. The tech industry is also on the rise in Provo, which makes it a perfect place to invest in multi-unit property
●Washington County - St. George - Here you’ll see the population growth is twice the national average, and because it is largely a retirement community, the rental strategy is generally aimed at service staff, such as retail and restaurant staff. These sectors are largely responsible for producing most of the job growth.
If you are looking to invest in property in a Mountain state, but have questions about where to get started, or want more information on the top cities to invest in, contact our office today. We look forward to helping you find the right property investment for you and your needs.