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 | Tooele County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $291,911 | $457,939 | $242,182 |
| Price Trend (Annual %) | 12.5% | 11.6% | 8.2% |
| Median Gross Rent | $1,134 | $1,405 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Tooele County is about 36% lower than in Utah. Rent is about 19% lower 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 Tooele County, up about 12.5% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Tooele County rose about 39.7% between 2015 and 2023, from $811 to $1,134. Over the same span, rent in Utah rose about 58.6%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Tooele County.
Buying the median-priced home in Tooele County costs roughly 21.5 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 Tooele County. The price-to-rent ratio in Utah is about 27.2.
| Metric | Tooele County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $291,911 | $457,939 | $242,182 |
| Median Household Income | $102,158 | $92,351 | $78,145 |
| Price-to-Income Ratio | 2.9 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Tooele County rose about 104.9%, while median household income rose about 69.4% 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 | Tooele County | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 78.9% | 64.8% | 58.2% |
| Rental Rate | 16.6% | 26.9% | 31.3% |
| Vacancy Rate | 4.5% | 8.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Tooele County has a homeownership rate of 78.9%, higher than the Utah average of 64.8%. Its housing vacancy rate is 4.5%, compared with 8.2% in Utah.
Housing Stock
| Metric | Tooele County | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.31 people | 2.99 people | 2.54 people |
| Median Structure Built Year | 1992 | 1988 | 1978 |
| Median Number of Rooms | 6.5 | 6.4 | 5.5 |
The typical housing unit in Tooele County was built around 1992. On average, 3.3 people live in a home with about 6.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Tooele County, Utah.
What is the median home price in Tooele County, Utah?
The median home price in Tooele County, Utah is $291,911, lower than the Utah average of $457,939.
What is the average home price in Tooele 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 Tooele County, Utah?
The median gross rent in Tooele County, Utah is $1,134 per month, lower than the Utah average of $1,405.
What was the median gross rent in Tooele County in 2020?
In 2020, the median gross rent in Tooele County, Utah was $950 per month.
What is the price-to-rent ratio in Tooele County, Utah?
The price-to-rent ratio in Tooele County, Utah is about 21.5, meaning it would take roughly 21.5 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 Tooele County.
Are home prices or rent rising faster in Tooele County, Utah?
Both home prices and rent are rising in Tooele County, up about 12.5% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tooele County, Utah?
78.9% of households in Tooele County, Utah own their home, higher than the Utah average of 64.8%.
What is the vacancy rate in Tooele County, Utah?
The housing vacancy rate in Tooele County, Utah is 4.5%, lower than the Utah average of 8.2%.