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

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