Provo, the third largest city in Utah, used to be the best-kept secret in the country, according to its mayor, John Curtis. “Not anymore,” said Curtis. “The town is booming.”
As a major tech hub, Provo’s job growth stands at 5.2% annually, the fastest pace of job growth in the country. Unemployment, according to the US Labor Department, stands at 2.7%
Only moments away from some of the most stunning and expert skiing in the country, Provo comes by its nickname, Silicon Slopes, naturally. Brigham Young University and its incubator programs train and launch tech wizards and brilliant start-up businesses. (BYU is also the center of the largest Mormon missionary training in the world.) Google awarded Provo its Google Fiber Program in 2014 and with that award, a lightning fast Internet system. Adobe, E-bay and Vivint Home Security are also only moments away.
With the feel of a college town, low cost of living, and a strong entrepreneurial spirit, it’s no wonder that more than 50% of Provo’s population is under 30 years old. It’s also no wonder that Provo has recently spawned Qualtics, an online survey company, InsideSales.com, a sales software firm, and Pluralsight, an online educational provider for employee training. These “start-ups” are already valued at +$2-5B.
Provo’s metro population of .5M and work force of 274,000 need housing. Considered the third hottest real estate market in the country in 2017, Provo’s current median home price is $225,700, according to Zillow, and its current median list price is $319,000. There is currently no available data that indicates average days on the market for single-family home listings.
If Provo, Utah needs one more incentive for potential homebuyers, the latest tax bill could be that carrot. Certainly, Silicon Slopes is an attractive, viable, doable option for Millennials to put down their roots and spread their wings.