Utah’s strong economy, rapid population growth, and diverse real estate market make it an ideal state for house hacking. Here are six top Utah cities for house hacking that offer excellent opportunities for both new and experienced investors.
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1. Salt Lake City: The Urban Hub for House Hacking
Salt Lake City’s thriving job market, cultural appeal, and high rental demand make it Utah’s premier location for house hacking.
- Why Salt Lake City is Ideal for House Hacking:
- High Rental Demand: The University of Utah and major employers nearby create a consistent demand for rental units.
- Varied Property Options: Single-family homes, duplexes, and ADU-friendly zones provide diverse house hacking setups.
- Zoning for ADUs: Many residential zones allow accessory dwelling units (ADUs), enabling homeowners to generate income from basement apartments or guest units.
- Neighborhoods to Consider:
- Sugar House: Popular among young professionals and students.
- Ballpark and Liberty Wells: Affordable neighborhoods with a mix of single- and multi-family homes.
Salt Lake City’s ADU guidelines for insight into zoning and regulations.
2. Lehi: The Fast-Growing Silicon Slopes Tech Hub
Known as Utah’s “Silicon Slopes,” Lehi has attracted a wealth of tech companies, including Adobe, Oracle, and Ancestry, which has led to significant population growth and high rental demand.
- Why Lehi is Ideal for House Hacking:
- Tech-Driven Rental Market: The influx of tech professionals creates a strong need for rental housing, making it ideal for house hackers.
- Proximity to Major Employers: Lehi is a commuter-friendly location for professionals working in Provo or Salt Lake City, widening the tenant pool.
- Growing Property Values: As the tech sector continues to expand, property values in Lehi are expected to rise, making it a solid investment.
- Neighborhoods to Consider:
- Thanksgiving Point: A newer area with high-end homes that are attractive to young professionals.
- Traverse Mountain: Known for beautiful views and modern developments, Traverse Mountain is popular with professionals and families alike.
Learn about Lehi’s ADU regulations and zoning policies to maximize your house hacking options.
3. Provo: A College Town with Consistent Rental Demand
Home to Brigham Young University (BYU), Provo benefits from a steady rental market year-round, thanks to its large student population and nearby tech jobs.
- Why Provo is Ideal for House Hacking:
- Student Rental Market: BYU and nearby Utah Valley University (UVU) fuel rental demand.
- Affordable Properties with ADU Potential: Many homes in Provo can be modified to include accessory dwelling units for added rental income.
- Neighborhoods to Consider:
- Grandview and Edgemont: Both offer affordability and proximity to BYU.
- Downtown Provo: Known for its walkability, Downtown Provo attracts students and young professionals alike.
Learn more about Provo’s zoning requirements and ADU allowances for student rentals.
4. Ogden: Affordable Investment Opportunities
Ogden’s affordability and scenic beauty make it attractive for house hackers. The city’s proximity to Salt Lake City makes it a popular choice for commuters seeking lower housing costs.
- Why Ogden is Ideal for House Hacking:
- Lower Property Prices: Ogden offers more affordable real estate compared to Salt Lake City, ideal for first-time investors.
- Growing Rental Demand: The city’s ongoing revitalization attracts new residents, creating rental demand.
- Neighborhoods to Consider:
- East Bench: Close to outdoor recreation, East Bench appeals to a range of tenants.
- Downtown Ogden: Downtown has historical charm and rental demand, with many properties suitable for ADUs.
5. West Valley City: A Growing Suburban Market
West Valley City’s mix of affordable homes and proximity to Salt Lake City’s job market makes it an attractive location for house hackers looking for suburban opportunities.
- Why West Valley City is Ideal for House Hacking:
- Affordable Home Prices: Lower entry prices make West Valley City accessible for first-time house hackers.
- Consistent Tenant Demand: The area’s family-friendly appeal keeps rental demand steady.
- Neighborhoods to Consider:
- Hunter and Granger: Both offer a mix of affordable homes, many suitable for house hacking with ADUs.
- Chesterfield: Known for single-family homes and duplexes, which provide flexibility for rental income.
6. Orem: A Rising Star for Investment Opportunities
Orem’s strong rental demand is fueled by its proximity to both BYU and UVU, making it a consistent market for house hackers.
- Why Orem is Ideal for House Hacking:
- Consistent Rental Demand: Student and professional populations ensure a steady need for housing.
- Flexible Property Options: Homes with larger yards or basements make adding an ADU feasible, allowing for extra rental income.
- Neighborhoods to Consider:
- Lakeview and Suncrest: Family-friendly areas close to amenities and Utah Lake.
- Timpview: Close to BYU, ideal for room rentals or ADU setups.
Final Thoughts on Utah cities for House Hacking
From Salt Lake City’s urban appeal to Lehi’s booming tech sector, Utah offers diverse house hacking opportunities that cater to various needs and budgets. By choosing the right location and leveraging Utah’s unique loan and assistance programs, you can make house hacking a profitable investment strategy. Each of these six cities provides a supportive environment for both first-time house hackers and seasoned investors, whether you’re aiming to cover your mortgage or build long-term wealth.
Schedule a strategy call to discuss which Utah city is right for your investment and explore the best financing options.
