Magna, Utah Housing Market Prices
Magna 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 55% below the Utah median$225,000
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Median rent 15% above the Utah median$1,716
Housing Market Overview
| Metric | Magna | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $498,552 | $248,835 |
| Price Trend (Annual %) | 5.8% | 11.3% | 7.5% |
| Median Gross Rent | $1,716 | $1,495 | $1,407 |
| Rent Trend (Annual %) | 5.8% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Magna is about 55% lower than in Utah. Rent is about 15% higher than the Utah average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Magna, up about 5.8% and 5.8% a year respectively. Rent is changing faster.
Median rent in Magna rose about 57.1% between 2015 and 2024, from $1,092 to $1,716. Over the same span, rent in Utah rose about 68.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Magna.
Buying the median-priced home in Magna costs roughly 10.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Magna. The price-to-rent ratio in Utah is about 27.8.
| Metric | Magna | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $498,552 | $248,835 |
| Median Household Income | $93,867 | $95,466 | $80,455 |
| Price-to-Income Ratio | 2.4 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Magna rose about 50.6%, while median household income rose about 46.5% 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 | Magna | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 81.0% | 64.6% | 58.5% |
| Rental Rate | 17.6% | 27.3% | 31.2% |
| Vacancy Rate | 1.3% | 8.1% | 10.2% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Magna has a homeownership rate of 81.0%, higher than the Utah average of 64.6%. Its housing vacancy rate is 1.3%, compared with 8.1% in Utah.
Housing Stock
| Metric | Magna | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.28 people | 2.97 people | 2.53 people |
| Median Structure Built Year | 1987 | 1989 | 1978 |
| Median Number of Rooms | 6.4 | 6.4 | 5.5 |
The typical housing unit in Magna was built around 1987. On average, 3.3 people live in a home with about 6.4 rooms, staying for about 13.0 years on average.
Magna, UT Housing Compared With Nearby Cities
How Magna, UT compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Magna, UT | 26,106 | $225,000 #2/2 | $1,716 #1/2 | 82.1% #1/2 |
| West Valley City, UT | 133,435 | $360,563 | $1,493 | 71.8% |
Frequently Asked Questions
Common questions about the housing market in Magna, Utah.
What is the median home price in Magna, Utah?
The median home price in Magna, Utah is $225,000, lower than the Utah average of $498,552.
What is the average home price in Magna, Utah?
The typical home price in Magna, Utah, reported as the median sale price, is $225,000. 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 Magna, Utah?
The median gross rent in Magna, Utah is $1,716 per month, higher than the Utah average of $1,495.
What was the median gross rent in Magna in 2020?
In 2020, the median gross rent in Magna, Utah was $1,161 per month.
What is the price-to-rent ratio in Magna, Utah?
The price-to-rent ratio in Magna, Utah is about 10.9, meaning it would take roughly 10.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Magna.
Are home prices or rent rising faster in Magna, Utah?
Both home prices and rent are rising in Magna, up about 5.8% and 5.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Magna, Utah?
81.0% of households in Magna, Utah own their home, higher than the Utah average of 64.6%.
What is the vacancy rate in Magna, Utah?
The housing vacancy rate in Magna, Utah is 1.3%, lower than the Utah average of 8.1%.
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