Salt Lake City and Austin have both emerged as popular destinations for millennials seeking a thriving job market and a high quality of life. Salt Lake City has become a popular destination for young families due to relatively low home prices in a major metro area, access to major employers and of course the nature that surrounds the city. We believe Austin is a top place for people migrating out of bigger cities who want to find more attainable housing but still maintain the quality of life they desire from a city. We take careful consideration in choosing where The True Life Companies will establish its presence; let’s take a look at some of the important variables in these two markets that made them ideal candidates for our most recent office openings.
Salt Lake City, the capitol of Utah, has seen a steady increase in real estate prices over the past decade. According to Zillow, the median home value in Salt Lake City is $525,000 and has been steadily rising over the last three years1. In regards to our top demographic, Millennials aged 25-39, these prices are not out of reach but there is still high demand for the area with only 763 homes listed for sale2. The rise in home prices and limited supply can be attributed partly to the city's growing economy and low unemployment rate.
Utah is also strong financially earning the top spot in US News rankings of each state’s economy3. With major industries including technology, finance, and healthcare, companies like Adobe, eBay, and Goldman Sachs have offices in the city, and provide a wide range of job opportunities for residents.
Millennials are also drawn to Salt Lake City for its affordable cost of living. Compared to other major metropolitan areas, Salt Lake City has relatively low housing costs, with a median rent of $1,680 per month, according to Realtor. This affordability, coupled with the city's strong job market and outdoor recreation opportunities, make the city an appealing destination for millennials.
Another factor driving the growth of the Salt Lake City real estate market is the city's outdoor recreation opportunities. The city is located at the base of the Wasatch Mountains, which offer world-class skiing and snowboarding in the winter and hiking and mountain biking in the summer. The city also has several national parks nearby, including Zion, Bryce Canyon, and Arches. This natural beauty and access to outdoor recreation have made Salt Lake City an attractive destination for young professionals who value an active lifestyle.
Austin, the capitol of Texas, is another city that has seen a surge in real estate activity in recent years. According to Zillow, the median home value in Austin is $619,000 as of March 2023, up 4% from a year ago5. This growth in prices is driven by the city's booming economy, which has attracted many tech companies to the area. Austin has been dubbed "Silicon Hills" due to the large number of technology firms that have set up shop there6. Companies like Apple, Google, and Facebook have major campuses in the city, creating a strong demand for housing.
In addition to its strong job market, Austin is known for its vibrant music scene and bustling downtown area. The city is home to the South by Southwest (SXSW) music festival, which draws thousands of visitors each year. Austin also has a thriving food and nightlife scene, with many popular bars and restaurants located in the downtown area.
Millennials are drawn to Austin for its combination of job opportunities, cultural attractions, and outdoor recreation opportunities. The city has several parks and lakes nearby, including Lady Bird Lake and Zilker Park. Austin's warm climate, active city, and desirable jobs makes it a top choice for Millennials in their search for a place to put down roots.
These are a few of the indicators that we consider when choosing our next city in which to establish our brand. Millennials are our country’s largest segment of population at 72 million people7, and they are entering their homebuying years at around the same time. They dream of having the house and yard that their parents had and will relocate to a completely new city if needed. Cities like Austin and Salt Lake City draw people in with the lifestyle, jobs, and cost of living that you can’t find in Los Angeles or New York City. We will continue to follow the trends and moving patterns of this group so we can continue to provide attainable housing and economic opportunity.