Around the Nation -- Residential Real Estate Update - Utah
By Jeff Adolph
State-by-state
Situated in Western region of the U.S.A, this state is ranked as the 13th largest by land mass and the 34th by population with 2,233,169 people residing in this region.
This states economy relies heavily on tourism, cattle ranching, salt production, government services, mining and information technology.
Income tax in this state ranges between 2.3-6.98%, and there is a 4.65% sales tax. Property tax in this state is assessed and collected locally based on 100% of fair market value.
Salt Lake City
Homes are typically sitting on the market for 90-120 days in this region with the median home price hovering around $275,000. The market trend in this area is said to be decreasing with the market value down 5-10% compared to last year
Buyers are getting 95-100% of their asking price and the hottest valued market in this region is represented by first time buyers.
LGBT Real Estate Facts: There are approximately 3,370 same-sex couples residing in Utah making this region the 39th gayest state in America. The gayest zip codes in this locality are 80145 Liberty Park, Salt Lake City; 84103 The Avenues, Salt Lake City; 84106 Salt Lake Valley/ Sugar House, Salt Lake City; 84118 Kearns, Salt Lake City; 84119 Taylorsville/ West Valley, Salt Lake City. -- gaydemographics.com
Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com
Picture Source: wikipedia.org
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