Lehi, Utah Housing Market Prices
Lehi Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 44% above the Utah median$717,305
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Median rent 34% above the Utah median$2,002
Housing Market Overview
| Metric | Lehi | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $717,305 | $498,552 | $248,835 |
| Price Trend (Annual %) | 12.7% | 11.3% | 7.5% |
| Median Gross Rent | $2,002 | $1,495 | $1,407 |
| Rent Trend (Annual %) | 6.0% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lehi is about 44% higher than in Utah. Rent is about 34% higher than the Utah average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Lehi, up about 12.7% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Lehi rose about 67.6% between 2015 and 2024, from $1,194 to $2,002. Over the same span, rent in Utah rose about 68.7%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Lehi.
Buying the median-priced home in Lehi costs roughly 29.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lehi. The price-to-rent ratio in Utah is about 27.8.
| Metric | Lehi | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $717,305 | $498,552 | $248,835 |
| Median Household Income | $133,884 | $95,466 | $80,455 |
| Price-to-Income Ratio | 5.4 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lehi rose about 120.0%, while median household income rose about 70.0% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lehi | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.4% | 64.6% | 58.5% |
| Rental Rate | 24.3% | 27.3% | 31.2% |
| Vacancy Rate | 2.3% | 8.1% | 10.2% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Lehi has a homeownership rate of 73.4%, higher than the Utah average of 64.6%. Its housing vacancy rate is 2.3%, compared with 8.1% in Utah.
Housing Stock
| Metric | Lehi | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.60 people | 2.97 people | 2.53 people |
| Median Structure Built Year | 2006 | 1989 | 1978 |
| Median Number of Rooms | 7.1 | 6.4 | 5.5 |
The typical housing unit in Lehi was built around 2006. On average, 3.6 people live in a home with about 7.1 rooms, staying for about 11.0 years on average.
Lehi, UT Housing Compared With Nearby Cities
How Lehi, UT compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lehi, UT | 80,979 | $717,305 #1/2 | $2,002 #2/2 | 75.1% #2/2 |
| Saratoga Springs, UT | 38,082 | $456,949 | $2,071 | 81.1% |
Frequently Asked Questions
Common questions about the housing market in Lehi, Utah.
What is the median home price in Lehi, Utah?
The median home price in Lehi, Utah is $717,305, higher than the Utah average of $498,552.
What is the average home price in Lehi, Utah?
The typical home price in Lehi, Utah, reported as the median sale price, is $717,305. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Lehi, Utah?
The median gross rent in Lehi, Utah is $2,002 per month, higher than the Utah average of $1,495.
What was the median gross rent in Lehi in 2020?
In 2020, the median gross rent in Lehi, Utah was $1,498 per month.
What is the price-to-rent ratio in Lehi, Utah?
The price-to-rent ratio in Lehi, Utah is about 29.9, meaning it would take roughly 29.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lehi.
Are home prices or rent rising faster in Lehi, Utah?
Both home prices and rent are rising in Lehi, up about 12.7% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lehi, Utah?
73.4% of households in Lehi, Utah own their home, higher than the Utah average of 64.6%.
What is the vacancy rate in Lehi, Utah?
The housing vacancy rate in Lehi, Utah is 2.3%, lower than the Utah average of 8.1%.
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