Orem, Utah Housing Market Prices
Orem 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.
-
Median home price 10% above the Utah median$547,976
-
Median rent 2% below the Utah median$1,466
Housing Market Overview
| Metric | Orem | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $547,976 | $498,552 | $248,835 |
| Price Trend (Annual %) | 10.5% | 11.3% | 7.5% |
| Median Gross Rent | $1,466 | $1,495 | $1,407 |
| Rent Trend (Annual %) | 6.4% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Orem is about 10% higher than in Utah. Rent is about 2% lower 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 Orem, up about 10.5% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Orem rose about 66.0% between 2015 and 2024, from $883 to $1,466. Over the same span, rent in Utah rose about 68.7%.
Affordability
On average, housing unit costs 6.6 yearly household incomes in Orem.
Buying the median-priced home in Orem costs roughly 31.2 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 Orem. The price-to-rent ratio in Utah is about 27.8.
| Metric | Orem | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $547,976 | $498,552 | $248,835 |
| Median Household Income | $82,561 | $95,466 | $80,455 |
| Price-to-Income Ratio | 6.6 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Orem rose about 128.4%, while median household income rose about 51.9% 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 | Orem | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.5% | 64.6% | 58.5% |
| Rental Rate | 41.8% | 27.3% | 31.2% |
| Vacancy Rate | 4.7% | 8.1% | 10.2% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Orem has a homeownership rate of 53.5%, lower than the Utah average of 64.6%. Its housing vacancy rate is 4.7%, compared with 8.1% in Utah.
Housing Stock
| Metric | Orem | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.00 people | 2.97 people | 2.53 people |
| Median Structure Built Year | 1988 | 1989 | 1978 |
| Median Number of Rooms | 6.0 | 6.4 | 5.5 |
The typical housing unit in Orem was built around 1988. On average, 3.0 people live in a home with about 6.0 rooms, staying for about 12.0 years on average.
Orem, UT Housing Compared With Nearby Cities
How Orem, UT compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Orem, UT | 96,497 | $547,976 #1/2 | $1,466 #1/2 | 56.1% #1/2 |
| Provo, UT | 102,550 | $422,499 | $1,176 | 36.7% |
Frequently Asked Questions
Common questions about the housing market in Orem, Utah.
What is the median home price in Orem, Utah?
The median home price in Orem, Utah is $547,976, higher than the Utah average of $498,552.
What is the average home price in Orem, Utah?
The typical home price in Orem, Utah, reported as the median sale price, is $547,976. 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 Orem, Utah?
The median gross rent in Orem, Utah is $1,466 per month, lower than the Utah average of $1,495.
What was the median gross rent in Orem in 2020?
In 2020, the median gross rent in Orem, Utah was $1,071 per month.
What is the price-to-rent ratio in Orem, Utah?
The price-to-rent ratio in Orem, Utah is about 31.2, meaning it would take roughly 31.2 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 Orem.
Are home prices or rent rising faster in Orem, Utah?
Both home prices and rent are rising in Orem, up about 10.5% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Orem, Utah?
53.5% of households in Orem, Utah own their home, lower than the Utah average of 64.6%.
What is the vacancy rate in Orem, Utah?
The housing vacancy rate in Orem, Utah is 4.7%, lower than the Utah average of 8.1%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →