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 | Wasatch County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $457,939 | $242,182 |
| Price Trend (Annual %) | 36.1% | 11.6% | 8.2% |
| Median Gross Rent | $1,904 | $1,405 | $1,342 |
| Rent Trend (Annual %) | 7.6% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wasatch County is about 337% higher than in Utah. Rent is about 36% 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 Wasatch County, up about 36.1% and 7.6% a year respectively. Home prices are changing faster.
Median rent in Wasatch County rose about 75.9% between 2015 and 2023, from $1,082 to $1,904. Over the same span, rent in Utah rose about 58.6%.
Affordability
On average, housing unit costs 17.5 yearly household incomes in Wasatch County.
Buying the median-priced home in Wasatch County costs roughly 87.5 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 Wasatch County. The price-to-rent ratio in Utah is about 27.2.
| Metric | Wasatch County | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $457,939 | $242,182 |
| Median Household Income | $113,994 | $92,351 | $78,145 |
| Price-to-Income Ratio | 17.5 | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wasatch County rose about 338.4%, while median household income rose about 82.3% 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 | Wasatch County | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.2% | 64.8% | 58.2% |
| Rental Rate | 16.4% | 26.9% | 31.3% |
| Vacancy Rate | 22.5% | 8.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Wasatch County has a homeownership rate of 61.2%, lower than the Utah average of 64.8%. Its housing vacancy rate is 22.5%, compared with 8.2% in Utah.
Housing Stock
| Metric | Wasatch County | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.97 people | 2.99 people | 2.54 people |
| Median Structure Built Year | 1999 | 1988 | 1978 |
| Median Number of Rooms | 7.1 | 6.4 | 5.5 |
The typical housing unit in Wasatch County was built around 1999. On average, 3.0 people live in a home with about 7.1 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wasatch County, Utah.
What is the median home price in Wasatch County, Utah?
The median home price in Wasatch County, Utah is $2,000,000, higher than the Utah average of $457,939.
What is the average home price in Wasatch 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 Wasatch County, Utah?
The median gross rent in Wasatch County, Utah is $1,904 per month, higher than the Utah average of $1,405.
What was the median gross rent in Wasatch County in 2020?
In 2020, the median gross rent in Wasatch County, Utah was $1,435 per month.
What is the price-to-rent ratio in Wasatch County, Utah?
The price-to-rent ratio in Wasatch County, Utah is about 87.5, meaning it would take roughly 87.5 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 Wasatch County.
Are home prices or rent rising faster in Wasatch County, Utah?
Both home prices and rent are rising in Wasatch County, up about 36.1% and 7.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wasatch County, Utah?
61.2% of households in Wasatch County, Utah own their home, lower than the Utah average of 64.8%.
What is the vacancy rate in Wasatch County, Utah?
The housing vacancy rate in Wasatch County, Utah is 22.5%, higher than the Utah average of 8.2%.