What do you get when you combine affordable living, a high quality of life, 4.4 percent job growth and an unemployment rate of 2.7 percent? Answer: Salt Lake City real estate.

A recent report from the Utah Department of Workforce Service says the state is on track to add 53,500 jobs this year. Salt Lake City -- the center of Utah's economic growth -- reflects what happens with this type of job growth: an average price increase of 14 percent to more than $246,000. When you look at the market zip code, by zip code, it's even more jaw dropping.

Salt Lake Board of Realtors reports the hottest zip code in the city grew the third quarter by more than 24 percent. In fact, 14 zip codes enjoyed a double-digit rate of growth compared to the same quarter in 2006.

Out of the 30 reported zones, only two communities experienced a drop in prices for the third quarter. Since 2004, Salt Lake City average home prices have shot up more than 54 percent.

Utah Business Magazine reports the state's strong economic position has enabled them to "attract larger, more prestigious companies as possible move-ins." Projected growth keeps on coming. A University of Utah report released this week takes a look at Kennecott Land's planned development in Salt Lake County of more than 200,000 residential units in the coming years.

Published: December 21, 2007

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Mr. Carr has covered real estate since 1989. He is the author of Real Estate Investing Made Simple. Got a personal real estate issue? Post your questions and comments at Anthony’s blog: commonsenserealestate.blogspot.com.