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 | Rich County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $88,571 | $457,939 | $242,182 |
| Price Trend (Annual %) | -11.3% | 11.6% | 8.2% |
| Median Gross Rent | $742 | $1,405 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rich County is about 81% lower than in Utah. Rent is about 47% lower than the Utah average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Rich County: home prices fell about 11.3% a year while rent rose about 3.3% a year. That is an unusual pattern worth watching.
Median rent in Rich County rose about 20.9% between 2015 and 2023, from $614 to $742. Over the same span, rent in Utah rose about 58.6%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Rich County.
Buying the median-priced home in Rich County costs roughly 9.9 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 Rich County. The price-to-rent ratio in Utah is about 27.2.
| Metric | Rich County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $88,571 | $457,939 | $242,182 |
| Median Household Income | $77,578 | $92,351 | $78,145 |
| Price-to-Income Ratio | 1.1 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Rich County fell about 63.5%, while median household income rose about 51.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Rich County | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 20.4% | 64.8% | 58.2% |
| Rental Rate | 5.0% | 26.9% | 31.3% |
| Vacancy Rate | 74.6% | 8.2% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
Rich County has a homeownership rate of 20.4%, lower than the Utah average of 64.8%. Its housing vacancy rate is 74.6%, compared with 8.2% in Utah.
Housing Stock
| Metric | Rich County | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.14 people | 2.99 people | 2.54 people |
| Median Structure Built Year | 1979 | 1988 | 1978 |
| Median Number of Rooms | 6.3 | 6.4 | 5.5 |
The typical housing unit in Rich County was built around 1979. On average, 3.1 people live in a home with about 6.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Rich County, Utah.
What is the median home price in Rich County, Utah?
The median home price in Rich County, Utah is $88,571, lower than the Utah average of $457,939.
What is the average home price in Rich 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 Rich County, Utah?
The median gross rent in Rich County, Utah is $742 per month, lower than the Utah average of $1,405.
What was the median gross rent in Rich County in 2020?
In 2020, the median gross rent in Rich County, Utah was $645 per month.
What is the price-to-rent ratio in Rich County, Utah?
The price-to-rent ratio in Rich County, Utah is about 9.9, meaning it would take roughly 9.9 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 Rich County.
Are home prices or rent rising faster in Rich County, Utah?
Home prices and rent are moving in opposite directions in Rich County: home prices fell about 11.3% a year while rent rose about 3.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Rich County, Utah?
20.4% of households in Rich County, Utah own their home, lower than the Utah average of 64.8%.
What is the vacancy rate in Rich County, Utah?
The housing vacancy rate in Rich County, Utah is 74.6%, higher than the Utah average of 8.2%.