EDGEhomes Blog

Feb 11
2017

The Best Medium-Sized Metro Areas for Homeownership




PROVO-OREM, UTAH EARNS TOP SPOT IN BEST PLACES FOR HOMEOWNERSHIP

NerdWallet, a consumer advocacy website, recently conducted a study to find the best places for homeownership in the United States – and Provo-Orem placed in the top 3.

The second metro area on our list from the Beehive State is another attractive place for homeowners. With a high homeownership rate at 67.8 percent and monthly homeownership costs at 30.6 percent of median household income, Provo-Orem is very homebuyer-friendly.The area has also grown faster than the other Utah metro areas on our lists with population growth of 1.6 percent.

Provo is bordered by the mountain peaks of the Wasatch Front to the east and the Utah Lake to the west, giving residents plenty of access to outdoor recreational areas. The metro area is home to Utah’s largest universities – Brigham Young University and Utah Valley University – both of which have helped spur its economic growth. BYU’s Innovation Academy and the Innovation Center at Utah Valley University are supporting a highly educated workforce and the development of new businesses in the area.

“Provo-Orem’s residents are not only prospering, but they are also known to be very generous, leading the nation in volunteerism.”

NerdWallet ranked Provo-Orem as the third best medium-sized large metropolitan area in the country for homeownership. The area has a homeownership rate of 67.8 percent, and median monthly homeowner costs are $1,493. The Provo-Orem area grew by 1.6 percent between 2011 and 2012.

Rank Metro area Home ownership rate Median selected monthly homeowner costs Median monthly household income Homeowner costs as a percentage of household income 2011-2012 Population Growth Overall score for home- owners
1 Des Moines-West Des Moines, Iowa 71.5% $1,360 $4,921 27.6% 1.8% 89.2
2 Ogden-Clearfield, Utah 74.8% $1,421 $5,153 27.6% 1.2% 89.1
3 Provo-Orem, Utah 67.8% $1,493 $4,876 30.6% 1.6% 74.5

http://www.nerdwallet.com/blog/2014/best-places-homeownership/

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