Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Millard County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $387,175 | $457,939 | $242,182 |
| Price Trend (Annual %) | 19.0% | 11.6% | 8.2% |
| Median Gross Rent | $896 | $1,405 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Millard County is about 15% lower than in Utah. Rent is about 36% lower than the Utah average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Millard County, up about 19.0% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Millard County rose about 36.4% between 2015 and 2023, from $657 to $896. Over the same span, rent in Utah rose about 58.6%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Millard County.
Buying the median-priced home in Millard County costs roughly 36.0 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 Millard County. The price-to-rent ratio in Utah is about 27.2.
| Metric | Millard County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $387,175 | $457,939 | $242,182 |
| Median Household Income | $70,325 | $92,351 | $78,145 |
| Price-to-Income Ratio | 5.5 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Millard County rose about 188.3%, while median household income rose about 66.5% between 2009 and 2023 — 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 | Millard County | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.1% | 64.8% | 58.2% |
| Rental Rate | 18.5% | 26.9% | 31.3% |
| Vacancy Rate | 14.5% | 8.2% | 10.6% |
| Median Tenure (years) | 18.0 | 13.0 | 15.0 |
| Median Year Moved In | 2008 | 2013 | 2011 |
Millard County has a homeownership rate of 67.1%, higher than the Utah average of 64.8%. Its housing vacancy rate is 14.5%, compared with 8.2% in Utah.
Housing Stock
| Metric | Millard County | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.05 people | 2.99 people | 2.54 people |
| Median Structure Built Year | 1972 | 1988 | 1978 |
| Median Number of Rooms | 6.6 | 6.4 | 5.5 |
The typical housing unit in Millard County was built around 1972. On average, 3.0 people live in a home with about 6.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Millard County, Utah.
What is the median home price in Millard County, Utah?
The median home price in Millard County, Utah is $387,175, lower than the Utah average of $457,939.
What is the average home price in Millard County, Utah?
The typical home price in %s, reported as the median sale price, is %s. 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 Millard County, Utah?
The median gross rent in Millard County, Utah is $896 per month, lower than the Utah average of $1,405.
What was the median gross rent in Millard County in 2020?
In 2020, the median gross rent in Millard County, Utah was $754 per month.
What is the price-to-rent ratio in Millard County, Utah?
The price-to-rent ratio in Millard County, Utah is about 36.0, meaning it would take roughly 36.0 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 Millard County.
Are home prices or rent rising faster in Millard County, Utah?
Both home prices and rent are rising in Millard County, up about 19.0% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Millard County, Utah?
67.1% of households in Millard County, Utah own their home, higher than the Utah average of 64.8%.
What is the vacancy rate in Millard County, Utah?
The housing vacancy rate in Millard County, Utah is 14.5%, higher than the Utah average of 8.2%.