Provo, Utah Housing Market Prices
Provo 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 15% below the Utah median$422,499
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Median rent 21% below the Utah median$1,176
Housing Market Overview
| Metric | Provo | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $422,499 | $498,552 | $248,835 |
| Price Trend (Annual %) | 10.3% | 11.3% | 7.5% |
| Median Gross Rent | $1,176 | $1,495 | $1,407 |
| Rent Trend (Annual %) | 5.7% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Provo is about 15% lower than in Utah. Rent is about 21% 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 Provo, up about 10.3% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Provo rose about 59.4% between 2015 and 2024, from $738 to $1,176. Over the same span, rent in Utah rose about 68.7%.
Affordability
On average, housing unit costs 6.8 yearly household incomes in Provo.
Buying the median-priced home in Provo 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 Provo. The price-to-rent ratio in Utah is about 27.8.
| Metric | Provo | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $422,499 | $498,552 | $248,835 |
| Median Household Income | $61,866 | $95,466 | $80,455 |
| Price-to-Income Ratio | 6.8 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Provo rose about 93.3%, while median household income rose about 69.0% 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 | Provo | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 34.6% | 64.6% | 58.5% |
| Rental Rate | 59.6% | 27.3% | 31.2% |
| Vacancy Rate | 5.7% | 8.1% | 10.2% |
| Median Tenure (years) | 9.0 | 13.0 | 15.0 |
| Median Year Moved In | 2017 | 2013 | 2011 |
Provo has a homeownership rate of 34.6%, lower than the Utah average of 64.6%. Its housing vacancy rate is 5.7%, compared with 8.1% in Utah.
Housing Stock
| Metric | Provo | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.98 people | 2.97 people | 2.53 people |
| Median Structure Built Year | 1982 | 1989 | 1978 |
| Median Number of Rooms | 4.9 | 6.4 | 5.5 |
The typical housing unit in Provo was built around 1982. On average, 3.0 people live in a home with about 4.9 rooms, staying for about 9.0 years on average.
Provo, UT Housing Compared With Nearby Cities
How Provo, UT compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Provo, UT | 102,550 | $422,499 #2/2 | $1,176 #2/2 | 36.7% #2/2 |
| Orem, UT | 96,497 | $547,976 | $1,466 | 56.1% |
Frequently Asked Questions
Common questions about the housing market in Provo, Utah.
What is the median home price in Provo, Utah?
The median home price in Provo, Utah is $422,499, lower than the Utah average of $498,552.
What is the average home price in Provo, Utah?
The typical home price in Provo, Utah, reported as the median sale price, is $422,499. 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 Provo, Utah?
The median gross rent in Provo, Utah is $1,176 per month, lower than the Utah average of $1,495.
What was the median gross rent in Provo in 2020?
In 2020, the median gross rent in Provo, Utah was $890 per month.
What is the price-to-rent ratio in Provo, Utah?
The price-to-rent ratio in Provo, 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 Provo.
Are home prices or rent rising faster in Provo, Utah?
Both home prices and rent are rising in Provo, up about 10.3% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Provo, Utah?
34.6% of households in Provo, Utah own their home, lower than the Utah average of 64.6%.
What is the vacancy rate in Provo, Utah?
The housing vacancy rate in Provo, Utah is 5.7%, lower than the Utah average of 8.1%.
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