Real Estate in Utah
Median home prices and rental costs in Utah. Source: US Census Bureau ACS 2022
ACS 5-year estimates · Data as of 2022 · Updated annually
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$490,300
Median Home Value
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$1,343
Median Monthly Rent
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70.8%
Homeownership Rate
Market Indicators
Annual rent cost$16,116/year
Price-to-rent ratio30x (Rent favored)
Monthly mortgage est. (30y 7%)$2,608/mo
Housing Market in Utah
The median home value in Utah is $490,300, with a homeownership rate of 70.8%. The median monthly rent is $1,343, giving an annual rent cost of $16,116.
The price-to-rent ratio of 30x suggests renting may be more economical than buying in Utah, though personal financial circumstances always vary.
Major Cities in Utah
- Salt Lake City
- West Valley City
- Provo
- West Jordan
Data Source
Data from the US Census Bureau ACS and HUD, public domain datasets updated annually.
Frequently Asked Questions
What is median home value?▾
Median home value is the middle price of owner-occupied homes — half are worth more, half less. It's based on owner-reported estimates from the Census ACS survey, not actual sale prices. For actual transaction prices, Zillow and the Federal Housing Finance Agency (FHFA) track sale prices more directly.
Should I buy or rent in Utah?▾
With a price-to-rent ratio of 30x in Utah, renting may be more financially efficient unless you plan to stay long-term and can build equity.
Is the housing market data current?▾
The data shown is from the US Census Bureau American Community Survey (ACS) 2022 5-year estimates. While not real-time, these are the most comprehensive and reliable housing statistics by state. For current market conditions, check Zillow, Redfin, or the National Association of Realtors for recent sale data.
What is a good price-to-rent ratio?▾
A price-to-rent ratio below 15 generally favors buying, between 15-20 is neutral, and above 20 favors renting. However, local market conditions, mortgage rates, property taxes, and maintenance costs all affect the true break-even analysis. Low ratios mean you can cover your mortgage costs with rental income more easily.