Millcreek, Utah Housing Market Prices
Millcreek 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 39% above the Utah median$693,896
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Median rent 2% above the Utah median$1,518
Housing Market Overview
| Metric | Millcreek | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $693,896 | $498,552 | $248,835 |
| Price Trend (Annual %) | 18.2% | 11.3% | 7.5% |
| Median Gross Rent | $1,518 | $1,495 | $1,407 |
| Rent Trend (Annual %) | 5.9% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Millcreek is about 39% higher than in Utah. Rent is about 2% 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 Millcreek, up about 18.2% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Millcreek rose about 63.2% between 2015 and 2024, from $930 to $1,518. Over the same span, rent in Utah rose about 68.7%.
Affordability
On average, housing unit costs 7.3 yearly household incomes in Millcreek.
Buying the median-priced home in Millcreek costs roughly 38.1 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 Millcreek. The price-to-rent ratio in Utah is about 27.8.
| Metric | Millcreek | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $693,896 | $498,552 | $248,835 |
| Median Household Income | $95,522 | $95,466 | $80,455 |
| Price-to-Income Ratio | 7.3 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Millcreek rose about 242.6%, while median household income rose about 65.9% 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 | Millcreek | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.0% | 64.6% | 58.5% |
| Rental Rate | 35.2% | 27.3% | 31.2% |
| Vacancy Rate | 7.8% | 8.1% | 10.2% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Millcreek has a homeownership rate of 57.0%, lower than the Utah average of 64.6%. Its housing vacancy rate is 7.8%, compared with 8.1% in Utah.
Housing Stock
| Metric | Millcreek | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.97 people | 2.53 people |
| Median Structure Built Year | 1972 | 1989 | 1978 |
| Median Number of Rooms | 5.6 | 6.4 | 5.5 |
The typical housing unit in Millcreek was built around 1972. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 12.0 years on average.
Millcreek, UT Housing Compared With Nearby Cities
How Millcreek, UT compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Millcreek, UT | 54,009 | $693,896 #1/2 | $1,518 #2/2 | 61.8% #1/2 |
| Midvale, UT | 34,643 | $410,494 | $1,584 | 43.1% |
Frequently Asked Questions
Common questions about the housing market in Millcreek, Utah.
What is the median home price in Millcreek, Utah?
The median home price in Millcreek, Utah is $693,896, higher than the Utah average of $498,552.
What is the average home price in Millcreek, Utah?
The typical home price in Millcreek, Utah, reported as the median sale price, is $693,896. 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 Millcreek, Utah?
The median gross rent in Millcreek, Utah is $1,518 per month, higher than the Utah average of $1,495.
What was the median gross rent in Millcreek in 2020?
In 2020, the median gross rent in Millcreek, Utah was $1,155 per month.
What is the price-to-rent ratio in Millcreek, Utah?
The price-to-rent ratio in Millcreek, Utah is about 38.1, meaning it would take roughly 38.1 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 Millcreek.
Are home prices or rent rising faster in Millcreek, Utah?
Both home prices and rent are rising in Millcreek, up about 18.2% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Millcreek, Utah?
57.0% of households in Millcreek, Utah own their home, lower than the Utah average of 64.6%.
What is the vacancy rate in Millcreek, Utah?
The housing vacancy rate in Millcreek, Utah is 7.8%, lower than the Utah average of 8.1%.
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