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 | Salt Lake County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $510,086 | $457,939 | $242,182 |
| Price Trend (Annual %) | 10.8% | 11.6% | 8.2% |
| Median Gross Rent | $1,492 | $1,405 | $1,342 |
| Rent Trend (Annual %) | 6.4% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Salt Lake County is about 11% higher than in Utah. Rent is about 6% higher than the Utah average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Salt Lake County, up about 10.8% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Salt Lake County rose about 59.6% between 2015 and 2023, from $935 to $1,492. Over the same span, rent in Utah rose about 58.6%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Salt Lake County.
Buying the median-priced home in Salt Lake County costs roughly 28.5 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 County. The price-to-rent ratio in Utah is about 27.2.
| Metric | Salt Lake County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $510,086 | $457,939 | $242,182 |
| Median Household Income | $94,988 | $92,351 | $78,145 |
| Price-to-Income Ratio | 5.4 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Salt Lake County rose about 124.1%, while median household income rose about 66.3% between 2009 and 2023 — 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 | Salt Lake County | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.4% | 64.8% | 58.2% |
| Rental Rate | 31.2% | 26.9% | 31.3% |
| Vacancy Rate | 5.4% | 8.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Salt Lake County has a homeownership rate of 63.4%, lower than the Utah average of 64.8%. Its housing vacancy rate is 5.4%, compared with 8.2% in Utah.
Housing Stock
| Metric | Salt Lake County | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.80 people | 2.99 people | 2.54 people |
| Median Structure Built Year | 1983 | 1988 | 1978 |
| Median Number of Rooms | 6.3 | 6.4 | 5.5 |
The typical housing unit in Salt Lake County was built around 1983. On average, 2.8 people live in a home with about 6.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Salt Lake County, Utah.
What is the median home price in Salt Lake County, Utah?
The median home price in Salt Lake County, Utah is $510,086, higher than the Utah average of $457,939.
What is the average home price in Salt Lake 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 Salt Lake County, Utah?
The median gross rent in Salt Lake County, Utah is $1,492 per month, higher than the Utah average of $1,405.
What was the median gross rent in Salt Lake County in 2020?
In 2020, the median gross rent in Salt Lake County, Utah was $1,175 per month.
What is the price-to-rent ratio in Salt Lake County, Utah?
The price-to-rent ratio in Salt Lake County, Utah is about 28.5, meaning it would take roughly 28.5 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 County.
Are home prices or rent rising faster in Salt Lake County, Utah?
Both home prices and rent are rising in Salt Lake County, up about 10.8% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Salt Lake County, Utah?
63.4% of households in Salt Lake County, Utah own their home, lower than the Utah average of 64.8%.
What is the vacancy rate in Salt Lake County, Utah?
The housing vacancy rate in Salt Lake County, Utah is 5.4%, lower than the Utah average of 8.2%.