on Thursday, January 8th, 2015 at 8:17pm.
A recent article in The Spectrum reported that St. George real estate is continuing to improve after the recession. People who had to give up homes and leave the market are now in a position to purchase real estate again and get out of rental properties.
After the housing bubble burst in 2015, many people lost their homes and moved into rental properties. Because St. George doesn’t have a lot of rental properties, a shortage in St. George has driven up the price of rent. This could change as bank regulations loosen and people become emotionally ready to purchase a home again. St. George hopes to see more purchasing and less renting in 2015.
St. George Demographic
The largest demographic group moving to St. George has been seniors. The natural warmth and beauty of Southern Utah creates a comfortable retirement destination, or possibly a great spot for a second home.
After taking a hard hit after the recession, construction is on its way up again. While St. George used to be a prime building and development area, construction teams now find themselves short on workers. In recent years, many of the construction workers found new jobs or moved away. This means anyone looking for a construction job in St. George could be in luck. A shortage of construction workers is a flip from the shortage on construction experienced just a few years ago.
Cost of Living
According to the Spectrum article, cost of living is another positive for St. George.
“Southern Utah is also looking good as far as the cost of living is concerned, which is 86.8 percent of the national average for St. George and 69.4 percent in Cedar City."
This good for individuals and families trying to build a life in St. George. It isn’t nearly as expensive as other places in the country. This makes it a great area for first time home buyers, especially. It also means families can afford larger homes in St. George than they might be able to in other areas.
What This Means
2015 should be a good year for real estate. Hopefully, more people will feel comfortable buying a home in St. George as they emotionally recover from the Great Recession. Buyers are feeling more confident and able to purchase homes instead of renting.
Construction will hopefully pick up and workers can continue building the great city of St. George and the surrounding areas of Southern Utah. It’s time to get excited about St. George real estate in 2015.