Forbes names Provo-Orem No. 2 best city to invest in housing

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Pioneer Condos in southeast Provo. (Photo courtesy of provocondos.us)

Forbes named Provo-Orem the No. 2 best city to invest in housing.

The business magazine teamed up with Local Market Monitor, which tracks more than 300 U.S. housing markets, to evaluate where people are most likely to receive a return on their housing investment.

In order to make the list, the city’s population size needed to match or exceed 500,000. The markets were evaluated on five key indicators: one-year job growth, three-year population growth (2014 to 2017), one-year home price growth, affordability and Local Market Monitor’s own three-year home price forecast.

Falling behind No. 1 Orlando, Florida, Provo-Orem earned the No. 2 spot. Provo-Orem has an average home price of $266,169. Over the past three years Provo-Orem has had a 7.2 percent population growth. In one year, the average home increases by 10 percent while in three years the price growth forecast reaches 31 percent.

In comparison, the national home costs $283,900 and has an anticipated three-year price growth forecast of 14 percent.

Another Utah area, Ogden-Clearfield, made the list at the No. 5 spot. Jacksonville, Florida came in at No. 3 and Raleigh-Durham, North Carolina landed at No. 4.

Provo-Orem was one of eight newcomer cities on the 2018 list. Some of the other new cities include Ogden-Clearfield, Utah; Springfield, Missouri; and the Washington metropolitan area.

See the full is at forbes.com.

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Rebecca Lane

While her first language is sarcasm, Rebecca dabbles in English and Russian to achieve her lifelong dream of being a journalist. A BYU sports fan, reading enthusiast and wannabe world traveler, Rebecca is a Colorado transplant that is convinced Colorado's mountains are much larger than the many Utah County peaks. Rebecca manages UtahValley360.com for Bennett Communications. Follow her on Twitter @rebeccalane.

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