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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 200,478 people, 83,197 houses or apartments, and a median cost of homes of $502,239, real estate costs in Salt Lake City are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Utah communities.
Single-family detached homes are the single most common housing type in Salt Lake City, accounting for 46.59% of the city's housing units. Other types of housing that are prevalent in Salt Lake City include large apartment complexes or high rise apartments ( 37.01%), duplexes, homes converted to apartments or other small apartment buildings ( 11.74%), and a few row houses and other attached homes ( 3.73%).
People in Salt Lake City primarily live in small (one, two or no bedroom) single-family detached homes. Salt Lake City has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Salt Lake City's housing was primarily built during this period, from the '40s through the '60s. A full 31.76% of the city's housing hails from this era. Other housing ages represented in Salt Lake City include homes built before 1939 ( 27.80%) and housing constructed between 1970-1999 ( 25.27%). There's also some housing in Salt Lake City built between 2000 and later ( 15.17%).
In the last 10 years, Salt Lake City has experienced some of the highest home appreciation rates of any community in the nation. Salt Lake City real estate appreciated 136.44% over the last ten years, which is an average annual home appreciation rate of 8.99%, putting Salt Lake City in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Salt Lake City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Salt Lake City appreciation rates have trailed the rest of the nation. In the last twelve months, Salt Lake City's appreciation rate has been -2.18%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Salt Lake City were at -4.07%, which equates to an annual appreciation rate of -15.31%.
Notably, Salt Lake City's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Utah, our data show that Salt Lake City's latest annual appreciation rate is lower than 90% 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 Salt Lake City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Salt Lake City - 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 Salt Lake City real estate investment or home purchase decisions.
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