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Old 02-28-2008, 03:43 PM
 
10 posts, read 78,595 times
Reputation: 16

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why are home prices rising in utah when there isn't much of high paying jobs? I have to work in cali 6 months every year just to pay my bills. Why is the minimum wage so low?
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Old 02-28-2008, 07:39 PM
 
9,408 posts, read 11,957,596 times
Reputation: 12440
Utah has always had a large supply of people entering the workforce due to the high birthrate. This is a large factor in keeping the wages low. If one person won't work for the wage, there's 50 who will. Couple that with a large influx of people moving here from all over the country. Utah traditionally had a low housing cost and low cost of living. This is attractive to someone who is sick of the high cost of housing and living in places such as Cali. That person could sell their very average house over there for $700k or so, come to SLC, take a paycut compared to what they were making, but still live well based on the money they made from selling their house back in Cali. Enough people do this over the years and the market starts to respond in the form of higher housing prices. The wages have no reason to go up, however, if there is enough supply of people willing to take them for low wages. It's a tough spot to be in as a local.
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Old 02-28-2008, 09:36 PM
 
Location: West Jordan, UT
494 posts, read 1,901,381 times
Reputation: 141
Definitely agree with 11th hour... The high birthrate and net migration into the state are major factors. Supply and demand.
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Old 03-02-2008, 01:16 AM
 
Location: Imaginary Figment
11,448 posts, read 14,494,272 times
Reputation: 4777
Housing prices will be on the decline for a few years now. SLC is considered overpriced, just like every other city in the country.
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