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20-30 Year-Olds Help Sustain Utah's Economy

The New York Times printed an article explaining how the percentage of Utah's population in the 20 to 30 year-old range has helped keep its economy strong over the past few years while other areas of the nation have suffered.

The article focused on the job growth sector of the economy, but it is also true that people in the 20-30 year-old range are at the age where they are buying their first homes. When you have more people buying first homes, you have more move-up buyers and the whole cycle moves. Take away the 20-30 year-old demographic and the whole cycle slows down.

Harry Dent predicted a slowdown in the Real Estate market in about 2008-2010 based on the number of people born 20-30 years before. I wonder how much of an impact that has on different sectors of the economy and if there is anything we can learn from that or look forward to...

Utah Demographics - Age - Jobs - Real Estate

(I went back to link to the article, but it is now only available to subscribers)

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Posted by Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT on 02/26/2008 11:21 PM

Comments (7)

utah, market, jobs, real estate, homes, salt lake, exclusive, buyers, agent

Originally posted at: Buying a Home in Salt Lake City, UT: 20-30 Year-Olds Help Sustain Utah's Economy

This post has been included in Utah Information Salt Lake County, UT Information

7 Comments on 20-30 Year-Olds Help Sustain Utah's Economy

FEB

2008

Hi Ben

Hope all is well. It is amazing what your post reflects with age contribution. Any idea how long ago this change starting taking place? perhaps when the information age starting blooming, or the growth of the Air base?

Send me an email where I can email some material for you, or where I could mail it.

I would like to talk to you about something I could use your help with.

Sincerely

Tommy

P.S. How is my mule Anna Belle behaving?

Benjamin,

What kind of marketing are you doing to take advantage of this statistic?

Tom - My understanding is that Mr. Dent believes you can predict certain "booms" and lulls in different industries based on the booms and lulls of the number of people in certain age demographics. His philosphy is that at certain ages we engage in certain activities.

Yolanda - What kind of marketing would you suggest?

I provide the same information to all potential home buyers because even though many prospects in their 20s and 30s have never heard of Exclusive Buyer's Agents, there are also a majority of prospects who are much older and have bought and sold a few homes who also have never heard of Exclusive Buyer's Agents (agents who only represent the Buyer's best interest in a transaction and do not list homes).

I believe the internet has been most effective in communicating to all demographics.

Here in Massachsetts, we have great colleges that attract people in their 20's. However, due to the high cost of living and high cost of real estate- these people are leaving after finishing college. Total population in Massachusetts is declining slightly while other states are increasing. Leaders here know this is an issue. But, nobody seems to have answer to fix the population.

Rick - We also have great Universities here and many do leave, but a lot of people stay after graduation because of jobs and it just being a great place to live!

FEB

2008

Benjamin:

There's a broker in my city that only represents the buyers, specifically the military buyers. They don't have listings and they tout it in their website. It's their niche and seems to be working very well for them.

Perhaps for your market, having an outside blog (if you didn't already), backed by a cool website might be the ticket for this niche. Blog the year-round activities, skiing and winter sports; biking, hiking, and the like in the summer. Of course you'll have to throw in real estate every chance you get. Just my two cents :)

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