The Housing Market in Lehi Today
As of March 2023, the median rent for a one-bedroom apartment in Lehi has reached $1,450 per month, reflecting a competitive rental market. Lehi’s housing landscape is evolving rapidly, with new apartment complexes and single-family developments rising to meet the demands of a growing population. Inventory has tightened in recent months, putting upward pressure on both rents and home prices.
Economically, Lehi is thriving, with major employers like Adobe, Micron, and Vivint Solar driving job growth across the tech and business services sectors. This robust labor market is attracting professionals from across the Wasatch Front, further intensifying the need for housing. As a result, the city is witnessing an interesting mix of urban-style apartment living and spacious suburban homes.
Renting in Lehi: What’s Typical?
For renters, Lehi offers a range of options from studios to three-bedroom units. The average rent for a one-bedroom apartment currently stands at $1,450, while two-bedroom units command around $1,800 per month. Newer luxury complexes, often located downtown or near major employers, can push rents closer to $2,000 for a one-bedroom.
Rent trends have shown steady increases over the past few years, with an annual growth rate of about 6%. Availability tends to be limited, especially during the peak summer months when job relocations are common. Popular renter profiles include young professionals, small families, and out-of-state transplants.
Many of Lehi’s rental properties come with amenities like fitness centers, pools, and covered parking. Newer apartment complexes often bundle utilities like trash and internet into the monthly rent. For a deeper look at budgeting as a renter, check out these Monthly Budget Examples for Lehi Residents.
Owning a Home in Lehi
Homeownership remains a key aspiration and wealth-building tool for many Lehi residents. As of early 2023, the median home price in the city is $550,000, which translates to an estimated monthly mortgage of $2,900 for a typical buyer putting 10% down on a 30-year fixed loan.
In addition to the mortgage, Lehi homeowners can expect to pay around $300 per month in property taxes and $80 for insurance. Many neighborhoods also have HOA dues ranging from $50 to $300 per month. Utilities and maintenance add another $300 to the monthly tally.
For a more comprehensive look at the financial factors of living in Lehi, see this Cost of Living in Lehi (2025 Guide).
Renters vs. Homeowners: Who Lives Where?
Lehi’s homeownership rate stands at around 70%, slightly higher than the national average. The city’s suburban layout and family-oriented amenities make it especially appealing for households looking to put down roots.
Young professionals, on the other hand, often gravitate toward the flexibility and convenience of renting, especially if they’re new to the area. Apartments near the heart of Silicon Slopes or along the I-15 corridor are popular among this demographic.
For families, the decision between renting and owning often hinges on financial readiness and long-term plans. The upfront costs and credit requirements associated with homebuying can be significant barriers, leading some to rent single-family homes instead.
Typical Monthly Housing Costs in Lehi
Here’s what housing costs might look like each month in Lehi:
| Expense | Renting (1BR) | Owning |
|---|---|---|
| Rent/Mortgage | $1,450 | $2,900 |
| Property Tax | $0 | $300 |
| Insurance | $15 | $80 |
| Utilities | $60 | $250 |
| HOA | $0 | $150 |
| Total | $1,525 | $3,680 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors are shaping Lehi’s housing market and cost landscape. On the demand side, robust job growth and in-migration are putting pressure on the existing housing stock. The city’s strategic location, business-friendly environment, and high quality of life are attracting residents from across the country.
In terms of supply, Lehi is witnessing significant residential construction, but the pace of new development is still lagging behind the surge in demand. Zoning changes and density bonuses are being used to encourage more multi-family projects, but the process takes time. Single-family construction remains constrained by land costs and labor shortages.
These supply and demand imbalances, coupled with rising construction costs and interest rates, are contributing to the upward trajectory of housing costs in Lehi. Policymakers and industry leaders are exploring strategies to improve affordability, such as incentivizing affordable housing development and expanding first-time homebuyer programs.
FAQs About Housing in Lehi
- Is Lehi affordable to live in? While Lehi’s housing costs are higher than the national average, the city offers a competitive value proposition when factoring in job opportunities, schools, amenities, and overall quality of life. Strategies like budgeting, downsizing, or exploring alternative neighborhoods can help make Lehi more affordable.
- Why are housing prices changing? Lehi’s housing market is influenced by a combination of economic growth, demographic shifts, and housing supply constraints. The city’s thriving tech scene and influx of new residents are driving up demand, while the pace of new construction is still catching up.
- How does Lehi compare to nearby cities? Lehi’s housing costs are generally on par with other cities in the Silicon Slopes area, such as Draper and Sandy. However, it tends to be more affordable than central Salt Lake City, while offering more space and newer housing stock than some older suburbs.
Making Smart Housing Decisions in Lehi
Navigating Lehi’s housing market requires careful consideration of your budget, lifestyle priorities, and long-term goals. For renters, the key is to find a balance between location, space, and amenities that fits your financial means. Comparing total monthly costs across different properties and neighborhoods can help you make an informed decision.
If homeownership is your aim, it’s essential to assess your readiness in terms of down payment, credit profile, and debt-to-income ratio. Working with a local real estate agent and lender can help you understand your options and craft a realistic purchase plan. Keep in mind that while owning a home offers long-term wealth-building potential, it also comes with responsibilities and costs beyond the monthly mortgage.
Regardless of your housing choice, it pays to be proactive about budgeting and financial planning. Tools like rent vs. buy calculators, monthly budget templates, and cost of living guides can provide valuable insights and help you make smarter decisions in the context of Lehi’s unique housing landscape.