Spanish Fork, Utah Housing Market Prices
Spanish Fork 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 5% below the Utah median$471,134
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Median rent About the same as the Utah median$1,488
Housing Market Overview
| Metric | Spanish Fork | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $471,134 | $498,552 | $248,835 |
| Price Trend (Annual %) | 16.2% | 11.3% | 7.5% |
| Median Gross Rent | $1,488 | $1,495 | $1,407 |
| Rent Trend (Annual %) | 5.5% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spanish Fork is about 5% lower than in Utah. Rent follows a similar pattern, running close to 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 Spanish Fork, up about 16.2% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Spanish Fork rose about 54.7% between 2015 and 2024, from $961 to $1,488. Over the same span, rent in Utah rose about 68.7%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Spanish Fork.
Buying the median-priced home in Spanish Fork costs roughly 26.4 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 Spanish Fork. The price-to-rent ratio in Utah is about 27.8.
| Metric | Spanish Fork | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $471,134 | $498,552 | $248,835 |
| Median Household Income | $103,418 | $95,466 | $80,455 |
| Price-to-Income Ratio | 4.6 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Spanish Fork rose about 290.5%, while median household income rose about 60.7% 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 | Spanish Fork | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.8% | 64.6% | 58.5% |
| Rental Rate | 19.9% | 27.3% | 31.2% |
| Vacancy Rate | 2.3% | 8.1% | 10.2% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Spanish Fork has a homeownership rate of 77.8%, higher than the Utah average of 64.6%. Its housing vacancy rate is 2.3%, compared with 8.1% in Utah.
Housing Stock
| Metric | Spanish Fork | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.51 people | 2.97 people | 2.53 people |
| Median Structure Built Year | 1999 | 1989 | 1978 |
| Median Number of Rooms | 7.3 | 6.4 | 5.5 |
The typical housing unit in Spanish Fork was built around 1999. On average, 3.5 people live in a home with about 7.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Spanish Fork, Utah.
What is the median home price in Spanish Fork, Utah?
The median home price in Spanish Fork, Utah is $471,134, lower than the Utah average of $498,552.
What is the average home price in Spanish Fork, Utah?
The typical home price in Spanish Fork, Utah, reported as the median sale price, is $471,134. 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 Spanish Fork, Utah?
The median gross rent in Spanish Fork, Utah is $1,488 per month, about the same as the Utah average.
What was the median gross rent in Spanish Fork in 2020?
In 2020, the median gross rent in Spanish Fork, Utah was $1,142 per month.
What is the price-to-rent ratio in Spanish Fork, Utah?
The price-to-rent ratio in Spanish Fork, Utah is about 26.4, meaning it would take roughly 26.4 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 Spanish Fork.
Are home prices or rent rising faster in Spanish Fork, Utah?
Both home prices and rent are rising in Spanish Fork, up about 16.2% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spanish Fork, Utah?
77.8% of households in Spanish Fork, Utah own their home, higher than the Utah average of 64.6%.
What is the vacancy rate in Spanish Fork, Utah?
The housing vacancy rate in Spanish Fork, Utah is 2.3%, lower than the Utah average of 8.1%.
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