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Salt Lake City Introduction
Salt Lake City is the capital of the State of Utah as well as Utah's largest city. It is located in the northern part of Utah, on the Great Salt Lake from which it takes its name. As of 2005, the population of Salt Lake City was 182,670 people (according to US Census estimates). This was essentially unchanged from the 2000 census.
Salt Lake City Neighborhoods
Downtown Salt Lake City has been experiencing rapid population growth, and the number of residential housing units has increased by 80% since 1995. This trend is expected to continue with forecasts of nearly doubling housing units in downtown in the next decade.
The eastern part of Salt Lake City has higher property values than the western portion, which is much more affordable. Some notable neighborhoods include:
Salt Lake City Real Estate
In 2005, there were 89,990 housing units in Salt Lake City (source: U.S. Census Bureau 2005 Community Survey). 89.3% of these homes were occupied. 51.9% of occupied housing in Salt Lake City was owner occupied, which was below the national average of 66.9% in 2005.
Over half (57.8%) of Salt Lake City's occupied homes were built prior to 1960. 23.8% were built in the 1960s and 1970s, 7.1% were built in the 1980s, 7.5% in the 1990s, and only 4% have been built since 2000 (according to 2005 U.S. Census estimates). The "typical" Salt Lake City residence is 4 to 7 rooms in size with 2 to 3 bedrooms. Approximately 20% are larger with more than 7 rooms and 4 or more bedrooms.
The vast majority of Salt Lake City homes were heated with utility gas in 2005 (83.5%). Most of the rest were heated by electricity (12.4).
As of 2005, the median value of a Salt Lake City owner occupied house was $180,500, slightly above the national average for that time of $167,500. The 2005 price of a Salt Lake City house was up over the 2000 median price, which was $153,300, also above the national average in 2000. By the third quarter of 2006, the median price of a Salt Lake City house was $223,600 (according to the National Association of Realtors), which was roughly equal to the national average. Also in the 3rd quarter 2006 timeframe, the median price of a Salt Lake City condo was $150,100.
The median monthly housing costs for an owner occupied Salt Lake City home were $1,213 in 2005, which was below the national average in 2005 of $1,295. In that same time period, 71.5% of Salt Lake City's owner occupied houses had a mortgage. 32.5% of these households also had a second mortgage, home equity line, or both.
Salt Lake City Property Taxes
The median property tax bill for an owner occupied home in 2005 in Salt Lake City was $1,284 (source: United States Census Bureau). The Salt Lake County Treasurer is responsible for collecting property taxes. The Salt Lake County Assessor is responsible with the valuation of real property.
Salt Lake City Schools
The Salt Lake City School District serves most of Salt Lake City. The Salt Lake City School District serves over 24,000 students in over 30 grade, middle, and high schools.
There are also numerous colleges and Universities in Salt Lake City, including: BYU Salt Lake Center, LDS Business College, Salt Lake Community College, the University of Utah, and Westminster College.
Salt Lake City Economy
The major industries in Salt Lake City are: business services, government, professional services, trade, transportation, and utilities. Mining of coal, copper, iron ore, lead, silver, and zinc are also important to Salt Lake City's economy. Salt Lake City's largest employers include: Cordant Technologies, Delta Air Lines, Intermountain Health Care, Novus Credit Services, PacifiCorp, Qwest Communications, Salt Lake City Corporation, Smith's Food & Drug Centers, Wells Fargo, and Zions First International Bank. Salt Lake City is also home to three Fortune 500 companies headquarters.
As of 2005, the median family income in Salt Lake City was $44,678. This was below the national average of $55,832.
Salt Lake City/Utah Mortgage and Real Estate Organizations
| Category | Value |
|---|---|
| Homes With No Mortgage | 29% |
| With A Mortgage | 71% |
| First Mortgage Only | 53% |
| Second Mortgage or Home Equity Loan | 17% |
| Second Mortgage Only | 9% |
| Home Equity Loan Only | 8% |
| Category | Value |
|---|---|
| Owner Costs as % of Income | 19.3% |
| Median Real Estate Taxes (2000) | $1,198 |
| Category | Value |
|---|---|
| Total Occupied | 71,402 |
| 1-Person Households | 33% |
| 2-Person Households | 31% |
| 3-Person Households | 14% |
| 4-Person Households | 10% |
| 5-Person Households | 6% |
| 6-Person Households | 3% |
| 7+-Person Households | 3% |
| Category | Value |
|---|---|
| Median Year Built | 1953 |
| Median Year Built (Owner Occupied) | 1948 |
| Median Year Built (Renter Occupied) | 1961 |
| Category | Value |
|---|---|
| Using Utility Co. Gas Heat | 93% |
| Using Bottled/Tank Gas Heat | 1% |
| Using Electric Heat | 6% |
| Using Oil Heat | 0% |
| Using Coal | 0% |
| Using Wood Heating | 0% |
| Using Solar Heat | 0% |
| Other Heating | 0% |
| No Heating | 0% |
| Category | Value |
|---|---|
| No Bedrooms | 1% |
| 1 Bedroom | 6% |
| 2 Bedrooms | 28% |
| 3 Bedrooms | 33% |
| 4 Bedrooms | 22% |
| 5+ Bedrooms | 10% |
Rate quotes from multiple lenders for the Salt Lake City area:
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