Salt Lake City, Utah Housing Market Prices
Salt Lake City 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 10% below the Utah median$449,920
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Median rent 5% below the Utah median$1,415
Housing Market Overview
| Metric | Salt Lake City | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $449,920 | $498,552 | $248,835 |
| Price Trend (Annual %) | 6.3% | 11.3% | 7.5% |
| Median Gross Rent | $1,415 | $1,495 | $1,407 |
| Rent Trend (Annual %) | 6.7% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Salt Lake City is about 10% lower than in Utah. Rent is about 5% 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 Salt Lake City, up about 6.3% and 6.7% a year respectively. Rent is changing faster.
Median rent in Salt Lake City rose about 72.6% between 2015 and 2024, from $819 to $1,415. Over the same span, rent in Utah rose about 68.7%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Salt Lake City.
Buying the median-priced home in Salt Lake City costs roughly 26.5 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 Salt Lake City. The price-to-rent ratio in Utah is about 27.8.
| Metric | Salt Lake City | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $449,920 | $498,552 | $248,835 |
| Median Household Income | $75,873 | $95,466 | $80,455 |
| Price-to-Income Ratio | 5.9 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Salt Lake City rose about 56.1%, while median household income rose about 67.1% between 2009 and 2025 — 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 | Salt Lake City | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.5% | 64.6% | 58.5% |
| Rental Rate | 49.1% | 27.3% | 31.2% |
| Vacancy Rate | 8.4% | 8.1% | 10.2% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Salt Lake City has a homeownership rate of 42.5%, lower than the Utah average of 64.6%. Its housing vacancy rate is 8.4%, compared with 8.1% in Utah.
Housing Stock
| Metric | Salt Lake City | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.17 people | 2.97 people | 2.53 people |
| Median Structure Built Year | 1968 | 1989 | 1978 |
| Median Number of Rooms | 4.6 | 6.4 | 5.5 |
The typical housing unit in Salt Lake City was built around 1968. On average, 2.2 people live in a home with about 4.6 rooms, staying for about 11.0 years on average.
Salt Lake City, UT Housing Compared With Nearby Cities
How Salt Lake City, UT compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Salt Lake City, UT | 213,141 | $449,920 #1/2 | $1,415 #2/2 | 46.4% #2/2 |
| West Valley City, UT | 133,435 | $360,563 | $1,493 | 71.8% |
Frequently Asked Questions
Common questions about the housing market in Salt Lake City, Utah.
What is the median home price in Salt Lake City, Utah?
The median home price in Salt Lake City, Utah is $449,920, lower than the Utah average of $498,552.
What is the average home price in Salt Lake City, Utah?
The typical home price in Salt Lake City, Utah, reported as the median sale price, is $449,920. 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 Salt Lake City, Utah?
The median gross rent in Salt Lake City, Utah is $1,415 per month, lower than the Utah average of $1,495.
What was the median gross rent in Salt Lake City in 2020?
In 2020, the median gross rent in Salt Lake City, Utah was $1,057 per month.
What is the price-to-rent ratio in Salt Lake City, Utah?
The price-to-rent ratio in Salt Lake City, Utah is about 26.5, meaning it would take roughly 26.5 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 Salt Lake City.
Are home prices or rent rising faster in Salt Lake City, Utah?
Both home prices and rent are rising in Salt Lake City, up about 6.3% and 6.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Salt Lake City, Utah?
42.5% of households in Salt Lake City, Utah own their home, lower than the Utah average of 64.6%.
What is the vacancy rate in Salt Lake City, Utah?
The housing vacancy rate in Salt Lake City, Utah is 8.4%, higher than the Utah average of 8.1%.
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