Hyrum is home to the best residential real estate investment market in Utah.
The 84319 zip code in Hyrum presents the greatest opportunity for the best real estate investments among the 400 individual real estate markets in Utah we evaluated. We looked at property values, population trends, and six other metrics for each market. We used that data to calculate each market's InvestScore.
5 best places to invest in Utah
| Rank | City | InvestScore | Affordability | Property value appreciation |
|---|---|---|---|---|
| 1 | Hyrum | 100 | 5.4 | 70.34% |
| 2 | Smithfield | 96.1 | 5.3 | 67.15% |
| 3 | Wellsville | 92.7 | 5.1 | 63.05% |
| 4 | Roosevelt | 91.8 | 4.7 | 69.41% |
| 5 | Tremonton | 90.5 | 6.0 | 69.24% |
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1. Hyrum
We've identified the 84319 zip code in Hyrum as Utah's best real estate investment market. Here's why.
🔎 Key data about Hyrum
| Data point | Value | Rank in state (of 400 markets) |
|---|---|---|
| Zip code | 84319 | N/A |
| InvestScore | 100 | Highest |
| Typical property value | $414,857[1] | 12th lowest |
| Five-year appreciation | 70.34%[2] | 6th highest |
| Household income | $76,901[3] | 67th highest |
| Affordability ratio | 5.4 | 35th most affordable |
| Five-year population growth | 21.9%[4] | 18th highest |
| Unemployment rate | 2.2%[5] | 16th lowest |
| Property taxes | $1,606[6] | 12th lowest |
| Educational attainment | 31.7%[7] | 66th highest |
Hyrum (zip code 84319) is the best residential real estate investment market in Utah. It has the 6th highest property value appreciation among markets we evaluated, with a 70.34% appreciation of the typical property over the last five years.
Hyrum is the 35th most affordable market among the 400 Utah markets we evaluated, with an affordability ratio of 5.4.
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2. Smithfield
The 84335 zip code in Smithfield is the runner-up spot for the best real estate investments in Utah.
🔎 Key data about Smithfield
| Data point | Value | Rank in state (of 400 markets) |
|---|---|---|
| Zip code | 84335 | N/A |
| InvestScore | 96.1 | 2nd highest |
| Typical property value | $460,040[8] | 32nd lowest |
| Five-year appreciation | 67.15%[9] | 12th highest |
| Household income | $86,017[10] | 55th highest |
| Affordability ratio | 5.3 | 29th most affordable |
| Five-year population growth | 24.7%[11] | 13th highest |
| Unemployment rate | 2.4%[12] | 23rd lowest |
| Property taxes | $1,822[13] | 22nd lowest |
| Educational attainment | 41%[14] | 40th highest |
The 84335 zip code in Smithfield features a typical property value of $460,040, the 32nd lowest in the state.
Property values have appreciated 67.15% over the past five years, the 12th highest increase among evaluated markets in the state. Smithfield homes have an affordability ratio of 5.3, the 29th most affordable in the state.
3. Wellsville
The 84339 zip code in Wellsville comes in at No. 3 in our ranking of the best residential real estate investment markets in Utah.
🔎 Key data about Wellsville
| Data point | Value | Rank in state (of 400 markets) |
|---|---|---|
| Zip code | 84339 | N/A |
| InvestScore | 92.7 | 3rd highest |
| Typical property value | $529,647[15] | 54th lowest |
| Five-year appreciation | 63.05%[16] | 27th highest |
| Household income | $103,971[17] | 28th highest |
| Affordability ratio | 5.1 | 18th most affordable |
| Five-year population growth | 16.4%[18] | 26th highest |
| Unemployment rate | 0.8%[19] | lowest |
| Property taxes | $1,821[20] | 21st lowest |
| Educational attainment | 36.8%[21] | 51st highest |
With a typical property value of $529,647, Wellsville's 84339 zip code features the 54th lowest property values in the state.
Wellsville homes have an affordability ratio of 5.1, the 18th most affordable among the markets we evaluated.
4. Roosevelt
The 84066 zip code in Roosevelt ranks No. 4 among Utah's residential real estate investment markets.
🔎 Key data about Roosevelt
| Data point | Value | Rank in state (of 400 markets) |
|---|---|---|
| Zip code | 84066 | N/A |
| InvestScore | 91.8 | 4th highest |
| Typical property value | $330,466[22] | 5th lowest |
| Five-year appreciation | 69.41%[23] | 8th highest |
| Household income | $70,811[24] | 8th highest |
| Affordability ratio | 4.7 | 8th most affordable |
| Five-year population growth | 16.0%[25] | 27th highest |
| Unemployment rate | 5.9%[26] | 96th lowest |
| Property taxes | $1,594[27] | 11th lowest |
| Educational attainment | 15.2%[28] | 99th highest |
Property values in Roosevelt's 84066 zip code have seen the 8th highest increase among evaluated markets in the state, with an appreciation of 69.41% over the past five years.
Roosevelt's affordability ratio of 4.7 makes it the 8th most affordable among the 400 markets we evaluated.
5. Tremonton
The 84337 zip code in Tremonton rounds out our top five residential real estate investment markets in Utah.
🔎 Key data about Tremonton
| Data point | Value | Rank in state (of 400 markets) |
|---|---|---|
| Zip code | 84337 | N/A |
| InvestScore | 90.5 | 5th highest |
| Typical property value | $413,533[29] | 11th lowest |
| Five-year appreciation | 69.24%[30] | 9th highest |
| Household income | $69,135[31] | 9th highest |
| Affordability ratio | 6.0 | 58th most affordable |
| Five-year population growth | 22.5%[32] | 17th highest |
| Unemployment rate | 2.5%[33] | 28th lowest |
| Property taxes | $1,576[34] | 9th lowest |
| Educational attainment | 19%[35] | 93rd highest |
Property values in Tremonton's 84337 zip code rose 69.24% over the last five years, ranking the city 9th highest among evaluated markets in Utah.
Tremonton homes have an affordability ratio of 6.0, the 58th most affordable among the markets we evaluated.
Investing in residential real estate can be one of the best passive real estate investments in Utah.
Residential real estate offers accessible passive income and the potential to compound your original investment.
Renting out residential units is the top way to invest in real estate. House hacking also offers a great opportunity for passive real estate investment income.
How we rank residential real estate markets in Utah
To determine the best real estate investments in Utah we evaluated 400 markets on eight metrics, and then assigned an InvestScore based on their weighted and combined rankings. Each market corresponds to a specific zip code in Utah.
What is InvestScore?
InvestScore is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the residential real estate investment potential of a given market. It takes into account a suite of key data points for each city.
- Typical property value: This measures the typical home value in this zip code, according to the Zillow Home Value Index. It reflects the typical value for homes in the 35th to 65th percentile range, including all homes, with the numbers smoothed and seasonally adjusted. We prefer lower property values, which indicate both more room for growth and a greater ease of purchase. We assign a weight of 20% to typical property values.
- Property value appreciation: This measures how much property values have increased in the area over the past five years, according to the Zillow Home Value Index. We prefer a higher appreciation, as it indicates better returns on housing. However, past performance isn't indicative of future results. We assign a weight of 20% to property value appreciation.
- Median household income: This is the inflation-adjusted median household income in the zip code, according to U.S. Census American Community Survey data. We prefer a higher household income, as it indicates local residents have more income to spend on housing. We assign a weight of 10% to median household income.
- Affordability ratio: This is the ratio of the typical home value to the median household income in the area. A lower ratio is better because it means more households can afford a home, which indicates higher demand. We assign a weight of 15% to the affordability ratio.
- Population growth: This is how much the area's population has grown over the past five years, according to U.S. Census estimates. Higher is better, as it indicates residents are moving into the area at a rapid clip. We assign a weight of 10% to population growth.
- Unemployment rate: This is the unemployment rate in the area, according to U.S. Census data. We prefer a lower rate, as it indicates the availability of steady employment in the area, meaning residents will find it much easier to afford homes. We assign a weight of 15% to unemployment rate.
- Property tax: This is the median real estate property tax paid in the area, according to U.S. Census estimates. We assign a weight of 10% to property tax.
- Educational attainment: This is the percentage of residents in the area that have obtained a bachelor's degree or better, according to U.S. Census estimates. We prefer a higher rate because it indicates local residents who have higher earning potential and thus should be able to afford homes. We assign a weight of 15% to educational attainment.
🚨 Disclaimer: The information contained in this article isn't intended as, and shall not be understood or constituted as, financial advice. The information in this article isn't a substitute for financial advice from an investment professional or real estate agent who is aware of the facts and circumstances of your financial situation or the specifics of any individual property.
