Rent vs buy in Draper, UT
In Draper, Utah, the typical rent is $1,700 a month and the typical home costs $811,826.
Over 7 years, renting saves you $167k
The figures reflect Draper's typical rent and home value, plus 20% down and today's mortgage rate. There's no break-even within 30 years.
Clearly labeled opinion, with the math shown. These are estimates, not quotes. The stamp changes whenever a number changes.
- Renting is ahead by
- $167k after 7 years
- Break-even point
- 30+ years owning never catches up sooner
- Actual cost of owning
- $6,669 /mo year 1, against $1,700 rent
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The stamp draws on Draper's figures for typical rent and home value. Your rent, price and time period can change the result.
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Is renting or buying cheaper in Draper?
Renting costs $167,000 less over 7 years, including the money you get back when you sell. Throughout all the years shown, owning has a higher net cost than renting and doesn't catch up within 30 years.
The rental choice. The ownership choice. Cumulative net cost for each year.
Average rent compared with a mortgage payment in Draper
Rent and the mortgage don't tell the whole story. Here are all monthly costs for year 1 at Draper's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,700 | All of it, every month |
| Mortgage payment | $4,426 | $3,901 of it is interest in year 1 |
| Property tax | $331 | 0.49% of the value a year |
| Insurance | $102 | Census median for the city |
| Upkeep | $677 | 1% of the value a year |
| Owning, cash out | $5,536 | $525 of it builds equity |
| Lost return on the down payment | $1,320 | Annual return on the cash at 8.3% |
| Buying costs, spread out | $338 | 3.5% of the price over 7 years |
| True cost of owning | $6,669 | Cash out, minus the equity portion, plus the two amounts above |
The figures behind Draper's result
- Typical home valueZillow ZHVI, September 2026
- $811,826
- Typical rentZillow ZORI, September 2026
- $1,700 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Utah, 1995 to 2025
- 5.1% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Draper
- 0.49% of value
- Home insuranceCensus ACS 2020-2024, Draper
- $102 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would change the result in Draper?
Each line shows where the 7-year result in Draper changes. Everything else stays the same.
Renting is cheaper when
- Home prices rise by less than 7.4% each year (we use 5.1%, Utah's rate over the long run).
- The mortgage rate remains above 3.54%.
- A home like this has monthly rent below $3,490. The typical rent here is $1,700.
- If you move at any time in the next 30 years, owning won't catch up with these figures.
Buying is cheaper when
- Home prices grow by more than 7.4% a year.
- With today's rate at 7.24%, you lock in one below 3.54%.
- If you rented the same home, you'd pay more than $3,490 a month.
How Draper compares with the other 812 cities
| Measure | Draper | Median city |
|---|---|---|
| Typical home value | $811,826 | $422,451 |
| Typical rent | $1,700 /mo | $1,837 /mo |
| Price-to-rent ratio | 39.8 (#10 of 813) | 18.5 |
| Home prices, last 10 years | 6.8% a year | 6.2% a year |
| Rents, last 5 years | 2.9% a year | 4% a year |
| Property tax | 0.49% | 0.87% |
| Households that rent | 31% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Utah cities
- In Salt Lake City, UT, the rental option is ahead by $83k.
- In West Valley City, UT, the rental option is ahead by $39k.
- For West Jordan, UT, renting comes out ahead by $65k.
- For Provo, UT, renting comes out ahead by $47k.
- For St. George, UT, renting comes out ahead by $37k.
- For Orem, UT, renting comes out ahead by $57k.
- Rent. Lehi, in UT. Renting leads by $22k.
- Rent. Sandy, in UT. Renting leads by $104k.
- Rent. Ogden, in UT. Renting leads by $41k.
- For South Jordan, UT, renting comes out ahead by $67k.
- For Layton, UT, renting comes out ahead by $58k.
- Rent. Millcreek, in UT. Renting leads by $116k.