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 | Utah County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $538,512 | $457,939 | $242,182 |
| Price Trend (Annual %) | 12.4% | 11.6% | 8.2% |
| Median Gross Rent | $1,441 | $1,405 | $1,342 |
| Rent Trend (Annual %) | 6.7% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Utah County is about 18% higher than in Utah. Rent is about 3% 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 Utah County, up about 12.4% and 6.7% a year respectively. Home prices are changing faster.
Median rent in Utah County rose about 60.0% between 2015 and 2023, from $900 to $1,441. Over the same span, rent in Utah rose about 58.6%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Utah County.
Buying the median-priced home in Utah County costs roughly 31.1 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 Utah County. The price-to-rent ratio in Utah is about 27.2.
| Metric | Utah County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $538,512 | $457,939 | $242,182 |
| Median Household Income | $97,291 | $92,351 | $78,145 |
| Price-to-Income Ratio | 5.5 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Utah County rose about 143.8%, while median household income rose about 70.1% 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 | Utah County | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.6% | 64.8% | 58.2% |
| Rental Rate | 30.6% | 26.9% | 31.3% |
| Vacancy Rate | 3.8% | 8.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Utah County has a homeownership rate of 65.6%, higher than the Utah average of 64.8%. Its housing vacancy rate is 3.8%, compared with 8.2% in Utah.
Housing Stock
| Metric | Utah County | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.41 people | 2.99 people | 2.54 people |
| Median Structure Built Year | 1995 | 1988 | 1978 |
| Median Number of Rooms | 6.8 | 6.4 | 5.5 |
The typical housing unit in Utah County was built around 1995. On average, 3.4 people live in a home with about 6.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Utah County, Utah.
What is the median home price in Utah County, Utah?
The median home price in Utah County, Utah is $538,512, higher than the Utah average of $457,939.
What is the average home price in Utah 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 Utah County, Utah?
The median gross rent in Utah County, Utah is $1,441 per month, higher than the Utah average of $1,405.
What was the median gross rent in Utah County in 2020?
In 2020, the median gross rent in Utah County, Utah was $1,102 per month.
What is the price-to-rent ratio in Utah County, Utah?
The price-to-rent ratio in Utah County, Utah is about 31.1, meaning it would take roughly 31.1 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 Utah County.
Are home prices or rent rising faster in Utah County, Utah?
Both home prices and rent are rising in Utah County, up about 12.4% and 6.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Utah County, Utah?
65.6% of households in Utah County, Utah own their home, higher than the Utah average of 64.8%.
What is the vacancy rate in Utah County, Utah?
The housing vacancy rate in Utah County, Utah is 3.8%, lower than the Utah average of 8.2%.