There are a lot of clues out there that give some answers to the question of will Tooele County continue to grow in 2020. (it is the 2nd fastest growing in the State).
Many have to do with the behavior of millennial’s, and can be found daily in most real estate blogs, industry newsletters, and around the water cooler at real estate brokerages.
One of the best articles appeared in the Wall Street Journal in October and I’d like to share that with you here. I’m going to share in various parts and add personal thoughts as we go.
I’ll shade the part from the WSJ as I add my comments. That should make it helpful and easier to scan.
November 19, 2019
Who’s Moving To The Suburbs
More millennial’s and younger Gen Xers are leaving the big cities behind and opting for smaller towns to call home. Since 2014, an average of about 30,000 residents between the ages of 25 and 39 have departed big cities annually, according to U.S. Census Bureau figures. Smaller cities have been seeing some of the largest influxes of the millennial generation.
Across the nation, smaller cities like those in Tooele County have continued to grow as the younger generations have opted for a more laid back lifestyle. Sources tell us that almost half of the homes sold in Tooele City, Erda UT, Stansbury Park, Grantsville UT or Lake Point UT are purchased by residents of Salt Lake City.
Why Are Young Adults Moving
Young adults who freelance or have telecommuting jobs are more likely to move out of urban job centers and move out to smaller towns. Towns like Boise, Idaho, and Charlotte, N.C., are seeing their populations grow at a faster rate than most big cities, Census Bureau data shows.
Young adults are in search of more affordable housing, ( Tooele house prices lead the way in Northern Utah) larger lots, quality schools, and lower costs.
In addition to overall value, houses in Tooele County may still be eligible for a USDA Housing Loan program called “Rural Housing Loans”. These loans are government sponsored, and among the many benefits is the ability to buy your new home with no money down. That’s right, 100% financing for single family homes in Tooele County.
Where Are They Moving
The fiercely independent nature of millennial’s has made enclaves in cities such as Portland (Ore.), Austin (Texas), and Charlotte, attractive options for settling down,” a 2018 study by Rent.com notes. “The so-called ‘hipster’ culture has become somewhat of the poster child for 20-somethings, even if none of them would dare to admit it. The thriving art cultures of smaller cities give young people the opportunity to live cheaply while still being able to express themselves.”
Many home buyers tell us that Tooele was the”closest far away place” they could find. Others mention that lifestyle in this area was what finally convinced them to begin looking for a home out here. If you are a family that likes to Golf, there are a number of golf courses in Tooele City and Stansbury Park.
Want a new home? Spec homes in Grantsville UT, and Lake Point offer new designs that you would swear have old prices. (compare prices with other houses along the Wasatch).
One other market niche that attracts families is the selection of homes listed in Tooele County with animal rights. No more boarding fees, or kids waiting for someone to drive them to see their horse.
Why Is Tooele A Smart Choice
Small towns near large cities are a popular choice. For example, Milwaukee, Wis., is about a 30-minute car ride from Chicago and is drawing more young people there for its affordable rent and cultural offerings, the Rent.com report notes.
Let me recap some thoughts about the future of continued population growth out here, and see what you think.
Summary Of Findings
Folks are moving and will continue to move to Tooele UT for the following reasons.
- Millennial’s and young gen exer’s are looking smaller towns to live in.
- Tooele County is the 2nd fastest county in the State of Utah. (pretty good growth i’d say!
- Tooele offers a broad spectrum of lifestyle choices.
- Financial, which includes value (price sq.ft), 0 down payment mortgages.
I hope this post will entice you to give Tooele a shot when you start looking for a new home or condo to buy.
I also want you to consider letting me help with your purchase. Check out my Bio; I’m local, I’m experienced (25+ years) and I’m sure Tooele County will continue to grow in 2020. If you want to know what else I know, please click on Bernas Blog.
Then give me a call, Berna Sloan 435-840-5029. If Chris answers, just say you were wondering “will Tooele County continue to grow in 2020”.