The Housing Market in Draper Today
Draper, a growing suburb of Salt Lake City, has seen its housing market evolve in recent years due to economic expansion and population growth. As a hub for tech companies like eBay, Ancestry.com, and Adobe, Draper has attracted a diverse workforce seeking quality housing options. The city’s proximity to major highways and the Silicon Slopes tech corridor has further fueled demand for both rental and owner-occupied properties.
Compared to nearby cities like Sandy and Lehi, Draper’s housing market tends to have slightly higher prices due to its newer developments, upscale amenities, and scenic mountain views. However, the city still offers a range of housing types and prices to suit different budgets and lifestyles. As Draper continues to grow, residents and newcomers alike should understand the various costs associated with renting and owning a home in this dynamic market.
Renting in Draper: Typical Costs and Trends
As of 2025, the typical rent for a 1-bedroom apartment in Draper ranges from $1,300 to $1,800 per month, while a 2-bedroom unit can cost between $1,600 and $2,200. These prices reflect the city’s newer apartment complexes, many of which cater to young professionals working in the tech industry. Rents tend to be higher in the SunCrest and Suncrest East neighborhoods, known for their mountain views and upscale amenities.
For those seeking more affordable options, the Draper Peaks and Inauguration Park areas offer a mix of older and newer apartments with rents starting around $1,100 for a 1-bedroom. Renters in Draper benefit from the city’s convenient access to I-15 and the FrontRunner commuter rail, making it an attractive choice for those working in downtown Salt Lake City or other parts of the Wasatch Front.
Owning a Home in Draper: Prices, Taxes, and HOA Fees
The median home price in Draper as of 2025 is approximately $650,000, reflecting the city’s newer construction and desirable location. However, prices can vary significantly depending on the neighborhood and property type. Single-family homes in established areas like Draper Heights and Draper Highlands typically range from $500,000 to $800,000, while luxury homes in SunCrest can exceed $1 million.
Property taxes in Draper are based on the Salt Lake County rate of 0.62% of assessed value. For a home priced at the median of $650,000, annual property taxes would be around $4,030. Many of Draper’s newer developments are part of homeowners associations (HOAs), which charge monthly or annual fees to cover the maintenance of common areas, amenities, and services like snow removal and landscaping. HOA fees in Draper typically range from $100 to $400 per month, depending on the community and amenities provided.
Apartment vs House in Draper: Side-by-Side Costs
| Monthly Expense | Apartment (2BR) | House (3BR) |
|---|---|---|
| Rent/Mortgage Payment | $1,900 | $3,200 |
| Property Tax | N/A (included in rent) | $335 |
| Utilities | $150 | $250 |
| Insurance | $15 (renters) | $80 (homeowners) |
| HOA Fees | N/A | $200 |
| Monthly Total | $2,065 | $4,065 |
Utility & Upkeep Differences
Utility costs in Draper are influenced by the city’s climate, which features hot summers and cold winters. Apartments typically have lower utility expenses due to their smaller size and shared walls, which provide insulation. Houses, on the other hand, often have higher utility bills because of their larger square footage and increased exposure to the elements. Homeowners in Draper should also budget for regular maintenance costs, such as HVAC tune-ups, roof repairs, and yard care, which can add several hundred dollars to monthly expenses.
5-Year Rent vs Buy Outlook
Over a 5-year period, the cost difference between renting and buying in Draper can be significant. Assuming a 2-bedroom apartment rent of $1,900 per month and a 3-bedroom house mortgage of $3,200 (with a 20% down payment), the total cost of renting would be approximately $114,000, while the cost of owning would be around $243,900 (including property taxes, insurance, HOA fees, and maintenance).
However, homeownership in Draper also offers the potential for property appreciation. Based on historical trends and the city’s growing popularity, a conservative estimate of 3% annual appreciation could result in a home value increase of nearly $100,000 over 5 years. This potential equity gain should be weighed against the higher upfront costs and longer-term commitment of homeownership when considering whether to rent or buy in Draper.
FAQs About Housing Costs in Draper
- How much are HOA fees in Draper?
HOA fees in Draper typically range from $100 to $400 per month, depending on the community and amenities provided. - What is the property tax rate in Draper?
The property tax rate in Draper is based on the Salt Lake County rate of 0.62% of assessed value. - Is renting cheaper than buying long-term in Draper?
While renting may be cheaper in the short term, buying a home in Draper can be more cost-effective in the long run due to the potential for property appreciation and equity building. - Do houses have higher utility costs than apartments?
Yes, houses in Draper typically have higher utility costs than apartments due to their larger size and increased exposure to the elements.
Making Smart Housing Choices in Draper
When deciding whether to rent or buy a home in Draper, it’s essential to consider your long-term goals, financial situation, and lifestyle preferences. Renting offers greater flexibility and lower upfront costs, making it an attractive option for those who are new to the area or unsure about their long-term plans. On the other hand, buying a home in Draper can provide a sense of stability, potential for equity growth, and the freedom to customize your living space.
To make an informed decision, start by evaluating your average monthly expenses in Draper and understanding the overall cost of living in the city, including housing, groceries, taxes, and more. If you’re considering a move to Draper, research moving company costs and options to help plan your budget and ensure a smooth transition.
Ultimately, the choice between renting and buying in Draper depends on your unique circumstances and priorities. By carefully weighing the costs, benefits, and long-term implications of each option, you can make a smart housing choice that aligns with your goals and enhances your quality of life in this vibrant and growing community.