Oct 23, 2019 / Local Utah

3 Reasons Utah is a Great Place to Grow Your Money

Living in Utah is great, we’ve got mountains, we’ve got lakes, we’ve got wide plains and narrow canyons. But we’ve also got a big financial reason for living in the great state of Utah—it’s one of the best places in the entire country to grow your money. In fact, WalletHub ranked Salt Lake 35th on its list of Best Cities for Wallet Fitness—listing the cities best positioned for financial success based on income, economic mobility, house prices, and employment. Here are a few reasons why Utah is such a good place to grow your money.

Low Cost of Living

While housing prices are increasing in Utah, many of our other expenses like food and utilities sit slightly below the U.S. average, according to bestplaces.net, a data-based website that provides living info on different U.S. regions. The lower costs of living, combined with improving wages, make it easier to apply your money to different investment accounts like money markets or stocks.

Growing Economy

Provo and Salt Lake City are both listed in the top 150 best educated cities in the country, according to WalletHub. Naturally this attracts more tech companies to set up shop in the valley. Those higher wages mean more money circulating to local businesses. Assisting this is Utah’s low corporate tax rate and housing tax rate which is the 10th lowest in the nation according to smartasset.com. With more cash to expand their operations, these companies add jobs, further increase money circulation and business opportunity.

Young, Educated Workforce

As previously mentioned, Utah has a young, educated workforce. In fact, Utah’s workforce is a full 4 years younger than the next youngest state—Texas. And, a third of the state’s workforce is bilingual, making them versatile and highly attractive to many companies. This leads to a wealth of innovative new businesses, and more money in the local economy. And although investing in a startup is certainly risky and isn’t for everyone, these rising tides raise all ships, leading to more opportunities to save and grow your money locally.

So, when you look around at our beautiful mountains and breathtaking canyons, remember that there’s more to our state than meets the eye. Between low costs, a growing economy and a flourishing tech sector, you’ll not only have more cash in your pocket but also get more opportunities to make that cash work for you.