Payson UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Payson, UT Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Payson Housing Market Information

With a population of 19,826, 5,481 total housing units (homes and apartments), and a median house value of $300,584, Payson real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Payson, accounting for 76.10% of the city's housing units. Other types of housing that are prevalent in Payson include duplexes, homes converted to apartments or other small apartment buildings ( 8.85%), large apartment complexes or high rise apartments ( 6.68%), and a few row houses and other attached homes ( 6.23%).

The large homes that make up Payson are primarily owner-occupied ( 76.39%).

There is a lot of housing in Payson built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Payson built between 2000 and later ( 32.73%). A lesser amount of the housing stock also hails from before 1939 ( 10.62%). There's also some housing in Payson built between 1940-1969 ( 10.22%).

Payson Home Appreciation Rates

In the last 10 years, Payson has experienced some of the highest home appreciation rates of any community in the nation. Payson real estate appreciated 60.75% over the last ten years, which is an average annual home appreciation rate of 4.86%, putting Payson in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Payson definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Payson that despite a nationwide downturn in the housing market, Payson real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Payson appreciation rates continue to be some of the highest in America, at 6.76%, which is higher than appreciation rates in 73.04% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Payson. Payson appreciation rates in the latest quarter were at 2.01%, which equates to an annual appreciation rate of 8.29%.

Importantly, this makes Payson one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Utah, our data show that Payson's latest annual appreciation rate is lower than 60% of the other cities and towns in Utah.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Payson differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Payson - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Payson real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$300,584

Payson, UT HOME PRICES

Value Range
> $1,321,000 0.3
$991,001 - $1,321,000 0.3
$660,001 - $991,000 2.3
$529,001 - $660,000 3.5
$396,001 - $529,000 10.2
$264,001 - $396,000 44.2
$132,001 - $264,000 36.1
$66,001 - $132,000 0.2
$0 - $66,000 3.1

Average for UT
High for Nation

Value Relative to Nation Value Relative to State
21.0394160583942 53.6912751677852

Number Of Homes And Apartments:
5,481

Payson Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
86.44% 3.12%
3
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,031 / per month

Homeownership Rate

Homeownership
Owners 76.39
Renters 23.61
Vacant 5.68

Housing Market Details

 

Age of Homes

AGE OF Payson HOMES
2000 or Newer 32.7
1970 - 1999 46.4
1940 - 1969 10.2
1939 or Older 10.6

Types of Homes

TYPE OF Payson HOMES
Single-Family 76.1
Townhomes 6.2
Small Apt. Buildings 8.8
Apt. Complexes 6.7
Mobile Homes 2.2
Other 0.0

Home Size

SIZE OF Payson HOMES
No Bedroom 2.00
1 Bedroom 2.37
2 Bedrooms 14.56
3 Bedrooms 31.60
4 Bedrooms 17.00
5 or more bedrooms 32.47