ST. George — Many people in southern Utah are feeling the pinch as the prices of most essential goods have increased in recent years.
According to the Bureau of Labor Statistics, prices for many items increased in the United States from December 2022 to December 2023. For example, food prices rose by 2.7%, rent by 6.5%, and car insurance by 20.3%. Still, some prices fell, with energy costs down 2% and airfares down 9.4%.
Utah ranks 15th as the best state to raise a family in WalletHub's research, but ranks 32nd for affordability. The state had the fourth-lowest child care costs and the third-lowest proportion of households in poverty.
When it comes to health care, Forbes magazine ranked Utah as the most cost-effective state. Ranked 20th in cost of living and 35th in disposable income, residents are estimated to have nearly $17,000 left over after purchasing essentials. Mortgage costs were the sixth-highest in the state, and rents were the 18th-highest.
The state's unrevised unemployment rate is 2.7%, while the national unemployment rate was last reported at 3.7%, St. George News previously reported. Additionally, although federal efforts to combat inflation appear to have had a greater dampening effect on the economy this year than last year, Utah's chief economist, Mark Nord, said, “Utah continues to struggle with job growth.'' We are pushing forward.”
St. George's unemployment rate will rise from 2.5% in November 2022 to 3.1% in November 2023, and Cedar City's unemployment rate jumped from 2.4% to 2.8% during the same period, according to the Utah Department of Labor Services. Ta.
According to the U.S. Census Bureau, the median household income in Cedar City from 2018 to 2022 is $60,778, with about 17.7% of people living in poverty. In St. George, the median household income is $69,333 and 10.1% of people live in poverty.
The cost of living in Cedar City is estimated to be 12% lower than in St. George. According to Forbes Advisor, someone who made $70,000 a year before moving from St. George to Cedar City would need a salary of about $63,000 to maintain their standard of living.
Transportation costs are estimated to be about 2% higher on average in Cedar City, while medical, miscellaneous goods and services prices are estimated to be 3% and 7% lower, respectively. Still, people in St. George are likely to find cheaper coffee, with a cup of joe costing about 5% less on average, according to Forbes.
Forbes estimates that housing costs in Cedar City will be about 23% lower. A Southern Utah resident pays an average rent of $1,592 in St. George, while in Cedar City he pays $1,115, about 42.8% less. Additionally, utility bills are about 13% lower on average in Cedar City, and phone bills are 0.1% higher. Additionally, current mortgage costs are on average 25.5% lower in Cedar City.
The median home sale price in Iron County increased 3.5% from December 2022 to 2023, from $345,000 to $357,055. The median price in 2020 was $254,309.
During the same period, the median sales price in Washington County was $499,995, up from $400,000 in 2020, according to Jim Rushton, who works at Stratum Real Estate Group and is a past president of the Iron County Board of Realtors. The dollar fell 1% to $495,000. . Rushton was referring to data provided by the Utah Association of Realtors.
While there is talk that the market could crash and home prices fall, Rushton told the St. George News that this is not “the story that the numbers speak for.”
While the number of new listings in Iron County increased by more than 80% from December 2022 to 2023, the inventory of homes for sale decreased by 3.8% from 313 units to 301 units. He said this was likely due to more homes being sold.
Washington County saw a 6.1% decrease in new listings and a 14.6% decline in inventory from 1,438 to 1,228, Rushton said.
“Inventory is currently low and supply and demand will drive prices up,” he said. “So prices should go up. Interest rates are going down a little bit, which is also an indicator of rising prices.”
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