As published in Scotsman Guide's Residential Edition, February 2009.
This past April, Forbes magazine ranked Salt Lake City No. 6 among recession-proof U.S. cities.
What the Locals Say _____________________________________
"Having a variety of employers here helps our low foreclosure rate. People don't stay unemployed unless they want to. When one company lays off [employees], it isn't like the whole economy takes a dive. Plus, we're always bringing new employers to town."
-- Diane Martin, owner, Mortgage Specialists Inc.
One factor that led to this ranking is the city's relatively low unemployment rate. Plus, Utah continues to add jobs to bolster the economy.
Indeed, the city has a wide variety of employers and industries, from manufacturing and the service sector to technology and transportation. Further, its strong economy likely has helped the Utah capital weather the housing storm and keep home prices steady.
In fact, Salt Lake City's home-price drops and slower sales have been significantly more conservative than other cities around the country and compared to the national average.
This past October, for instance, its median home price showed a 0.7-percent decrease compared to October 2007. Nationally, prices fell by 11.3 percent in the same period, according to the National Association of Realtors.
↓ Population: 180,651
Population in 2000: 181,743
Rank (U.S.): 125th-largest
Metropolitan-area population: 1.1 million
Metropolitan-area rank (U.S.): 48th-largest
↑ Average commute: 20.1 minutes
Average commute in 2000: 19.2 minutes
U.S: 25 minutes
↑ Median household income: $43,000
Median household income in 2000: $36,944
↑ Median age: 31 years
Median age in 2000: 30 years
U.S.: 36.4 years
↑ Unemployment: 3.4 percent
Unemployment in November 2007: 2.6 percent
Statewide unemployment: 3.5 percent
U.S.: 6.7 percent
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