Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Utah cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Utah is worth $408,500. But across the 38 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from $270,000 to over $660,000.
In any local market, home prices are often a reflection of what residents can afford. In Utah, many of the least expensive cities for homebuyers are not high-income areas. Of the 38 places in Utah with available data from the ACS, 18 have a median home value that is less than the statewide median. In all but three of these places, the typical household earns less than the statewide median household income of $86,833. Similarly, most of Utah’s more expensive housing markets have higher earning populations.
Why It Matters
Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.
These are the cheapest and most expensive housing markets in Utah.
38. Ogden
- Median home value: $270,000
- Homes worth over $1 million: 0.9%
- Homeownership rate: 60.2%
- Median household income: $66,226
- Total population: 86,754
37. Logan
- Median home value: $290,800
- Homes worth over $1 million: 1.5%
- Homeownership rate: 40.3%
- Median household income: $52,473
- Total population: 53,246
36. Tooele
- Median home value: $292,200
- Homes worth over $1 million: 0.9%
- Homeownership rate: 80.9%
- Median household income: $84,225
- Total population: 36,315
35. Kearns
- Median home value: $295,500
- Homes worth over $1 million: 0.7%
- Homeownership rate: 81.2%
- Median household income: $79,334
- Total population: 36,862
34. Magna
- Median home value: $298,400
- Homes worth over $1 million: 0.1%
- Homeownership rate: 80.3%
- Median household income: $79,934
- Total population: 29,275
33. Clearfield
- Median home value: $303,300
- Homes worth over $1 million: 0.3%
- Homeownership rate: 58.4%
- Median household income: $69,889
- Total population: 32,369
32. Roy
- Median home value: $306,400
- Homes worth over $1 million: 0.5%
- Homeownership rate: 85.7%
- Median household income: $83,959
- Total population: 39,064
31. Cedar City
- Median home value: $307,700
- Homes worth over $1 million: 1.0%
- Homeownership rate: 56.8%
- Median household income: $60,778
- Total population: 35,812
30. West Valley City
- Median home value: $333,600
- Homes worth over $1 million: 0.7%
- Homeownership rate: 71.1%
- Median household income: $81,719
- Total population: 138,868
29. South Salt Lake
- Median home value: $353,600
- Homes worth over $1 million: 0.0%
- Homeownership rate: 39.3%
- Median household income: $57,125
- Total population: 26,315
28. Midvale
- Median home value: $357,200
- Homes worth over $1 million: 0.2%
- Homeownership rate: 45.2%
- Median household income: $70,742
- Total population: 35,609
27. Taylorsville
- Median home value: $358,900
- Homes worth over $1 million: 1.0%
- Homeownership rate: 70.4%
- Median household income: $81,417
- Total population: 59,729
26. Layton
- Median home value: $387,900
- Homes worth over $1 million: 0.8%
- Homeownership rate: 71.5%
- Median household income: $93,453
- Total population: 81,726
25. Springville
- Median home value: $390,700
- Homes worth over $1 million: 1.5%
- Homeownership rate: 70.3%
- Median household income: $84,699
- Total population: 35,195
24. Provo
- Median home value: $391,500
- Homes worth over $1 million: 3.1%
- Homeownership rate: 39.1%
- Median household income: $57,943
- Total population: 114,400
23. Orem
- Median home value: $392,900
- Homes worth over $1 million: 2.2%
- Homeownership rate: 59.9%
- Median household income: $77,568
- Total population: 97,100
22. Spanish Fork
- Median home value: $402,600
- Homes worth over $1 million: 1.4%
- Homeownership rate: 79.9%
- Median household income: $93,989
- Total population: 42,694
21. American Fork
- Median home value: $406,900
- Homes worth over $1 million: 1.7%
- Homeownership rate: 71.3%
- Median household income: $90,490
- Total population: 33,986
20. West Jordan
- Median home value: $412,100
- Homes worth over $1 million: 0.7%
- Homeownership rate: 77.4%
- Median household income: $99,002
- Total population: 116,383
19. St. George
- Median home value: $415,200
- Homes worth over $1 million: 5.3%
- Homeownership rate: 67.7%
- Median household income: $69,333
- Total population: 96,174
18. Murray
- Median home value: $415,700
- Homes worth over $1 million: 3.0%
- Homeownership rate: 65.0%
- Median household income: $81,693
- Total population: 50,041
17. Pleasant Grove
- Median home value: $419,400
- Homes worth over $1 million: 3.8%
- Homeownership rate: 67.0%
- Median household income: $91,322
- Total population: 37,453
16. Eagle Mountain
- Median home value: $430,900
- Homes worth over $1 million: 1.3%
- Homeownership rate: 88.3%
- Median household income: $100,837
- Total population: 46,109
14. Bountiful
- Median home value: $443,800
- Homes worth over $1 million: 4.3%
- Homeownership rate: 73.0%
- Median household income: $96,060
- Total population: 45,353
14. Washington
- Median home value: $443,800
- Homes worth over $1 million: 3.4%
- Homeownership rate: 74.4%
- Median household income: $94,655
- Total population: 29,161
13. Salt Lake City
- Median home value: $458,600
- Homes worth over $1 million: 9.3%
- Homeownership rate: 47.0%
- Median household income: $72,357
- Total population: 201,269
12. Syracuse
- Median home value: $466,700
- Homes worth over $1 million: 0.6%
- Homeownership rate: 92.6%
- Median household income: $125,602
- Total population: 32,798
11. Riverton
- Median home value: $478,200
- Homes worth over $1 million: 3.3%
- Homeownership rate: 86.3%
- Median household income: $115,869
- Total population: 44,864
10. Herriman
- Median home value: $486,200
- Homes worth over $1 million: 2.1%
- Homeownership rate: 81.4%
- Median household income: $115,198
- Total population: 55,301
9. Saratoga Springs
- Median home value: $490,600
- Homes worth over $1 million: 1.6%
- Homeownership rate: 83.9%
- Median household income: $117,005
- Total population: 40,391
8. Sandy
- Median home value: $492,300
- Homes worth over $1 million: 6.0%
- Homeownership rate: 76.5%
- Median household income: $108,165
- Total population: 95,635
7. Lehi
- Median home value: $500,100
- Homes worth over $1 million: 4.0%
- Homeownership rate: 78.4%
- Median household income: $117,243
- Total population: 77,110
6. Millcreek
- Median home value: $507,900
- Homes worth over $1 million: 9.3%
- Homeownership rate: 62.2%
- Median household income: $88,186
- Total population: 63,520
5. Kaysville
- Median home value: $513,500
- Homes worth over $1 million: 6.8%
- Homeownership rate: 87.9%
- Median household income: $121,867
- Total population: 32,714
4. South Jordan
- Median home value: $559,500
- Homes worth over $1 million: 3.5%
- Homeownership rate: 84.2%
- Median household income: $119,822
- Total population: 78,118
3. Cottonwood Heights
- Median home value: $561,600
- Homes worth over $1 million: 8.2%
- Homeownership rate: 71.2%
- Median household income: $110,197
- Total population: 33,257
2. Holladay
- Median home value: $637,500
- Homes worth over $1 million: 18.5%
- Homeownership rate: 78.1%
- Median household income: $106,099
- Total population: 31,563
1. Draper
- Median home value: $663,400
- Homes worth over $1 million: 17.2%
- Homeownership rate: 73.0%
- Median household income: $126,041
- Total population: 50,635
| Rank | Places in Utah with at least 25,000 residents | Median home value ($) | Homeownership rate (%) | Median household income ($) | Total Population |
|---|---|---|---|---|---|
| 1 | Draper | 663,400 | 73.0 | 126,041 | 50,635 |
| 2 | Holladay | 637,500 | 78.1 | 106,099 | 31,563 |
| 3 | Cottonwood Heights | 561,600 | 71.2 | 110,197 | 33,257 |
| 4 | South Jordan | 559,500 | 84.2 | 119,822 | 78,118 |
| 5 | Kaysville | 513,500 | 87.9 | 121,867 | 32,714 |
| 6 | Millcreek | 507,900 | 62.2 | 88,186 | 63,520 |
| 7 | Lehi | 500,100 | 78.4 | 117,243 | 77,110 |
| 8 | Sandy | 492,300 | 76.5 | 108,165 | 95,635 |
| 9 | Saratoga Springs | 490,600 | 83.9 | 117,005 | 40,391 |
| 10 | Herriman | 486,200 | 81.4 | 115,198 | 55,301 |
| 11 | Riverton | 478,200 | 86.3 | 115,869 | 44,864 |
| 12 | Syracuse | 466,700 | 92.6 | 125,602 | 32,798 |
| 13 | Salt Lake City | 458,600 | 47.0 | 72,357 | 201,269 |
| 14 | Bountiful | 443,800 | 73.0 | 96,060 | 45,353 |
| 14 | Washington | 443,800 | 74.4 | 94,655 | 29,161 |
| 16 | Eagle Mountain | 430,900 | 88.3 | 100,837 | 46,109 |
| 17 | Pleasant Grove | 419,400 | 67.0 | 91,322 | 37,453 |
| 18 | Murray | 415,700 | 65.0 | 81,693 | 50,041 |
| 19 | St. George | 415,200 | 67.7 | 69,333 | 96,174 |
| 20 | West Jordan | 412,100 | 77.4 | 99,002 | 116,383 |
| 21 | American Fork | 406,900 | 71.3 | 90,490 | 33,986 |
| 22 | Spanish Fork | 402,600 | 79.9 | 93,989 | 42,694 |
| 23 | Orem | 392,900 | 59.9 | 77,568 | 97,100 |
| 24 | Provo | 391,500 | 39.1 | 57,943 | 114,400 |
| 25 | Springville | 390,700 | 70.3 | 84,699 | 35,195 |
| 26 | Layton | 387,900 | 71.5 | 93,453 | 81,726 |
| 27 | Taylorsville | 358,900 | 70.4 | 81,417 | 59,729 |
| 28 | Midvale | 357,200 | 45.2 | 70,742 | 35,609 |
| 29 | South Salt Lake | 353,600 | 39.3 | 57,125 | 26,315 |
| 30 | West Valley City | 333,600 | 71.1 | 81,719 | 138,868 |
| 31 | Cedar City | 307,700 | 56.8 | 60,778 | 35,812 |
| 32 | Roy | 306,400 | 85.7 | 83,959 | 39,064 |
| 33 | Clearfield | 303,300 | 58.4 | 69,889 | 32,369 |
| 34 | Magna | 298,400 | 80.3 | 79,934 | 29,275 |
| 35 | Kearns | 295,500 | 81.2 | 79,334 | 36,862 |
| 36 | Tooele | 292,200 | 80.9 | 84,225 | 36,315 |
| 37 | Logan | 290,800 | 40.3 | 52,473 | 53,246 |
| 38 | Ogden | 270,000 | 60.2 | 66,226 | 86,754 |
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.