Rent vs buy in Herriman, UT
In Herriman, Utah, the typical monthly rent is $1,913, while the typical home value is $603,287.
Over 7 years, renting comes out ahead by $68k.
Using Herriman's typical rent and home value, plus 20% down and today's mortgage rate. The break-even point falls in year 16.
The opinion is clearly labelled and the math is shown. What you see are estimates rather than quotes. Change any number, and the stamp changes with it.
- How far renting is ahead
- $68k after 7 years
- Break-even point
- year 16 when owning catches up
- Full cost of owning
- $5,005 /mo year 1, against $1,913 rent
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The stamp relies on Herriman's usual rent and home value figures. Your rent, price and years can change the result.
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Is renting or buying cheaper in Herriman?
Over 7 years, renting costs $68,311 less, including the money returned when you sell. For the first 15 years, renting costs less. In year 16, owning catches up.
Rent. Own. Year-by-year net cost.
Average rent compared with mortgage payment in Herriman
Rent and the mortgage don't tell the whole story. Every monthly cost for year 1 at Herriman's typical price is listed below.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,913 | All of it, every month |
| Mortgage payment | $3,289 | $2,899 of it is interest in year 1 |
| Property tax | $297 | 0.59% of the value a year |
| Insurance | $75 | Census median for the city |
| Upkeep | $503 | 1% of the value a year |
| Owning, cash out | $4,163 | $390 of it builds equity |
| Lost return on the down payment | $981 | The yearly return on the cash at 8.3% |
| Buying costs, spread out | $251 | 3.5% of the price over 7 years |
| True cost of owning | $5,005 | Cash out, minus the equity part, plus the two amounts above |
The figures behind Herriman's result
- Typical home valueZillow ZHVI, September 2026
- $603,287
- Typical rentZillow ZORI, September 2026
- $1,913 /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, Herriman
- 0.59% of value
- Home insuranceCensus ACS 2020-2024, Herriman
- $75 /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 Herriman result?
Each line marks the point where the 7-year verdict for Herriman changes, with all other factors kept as they are.
Renting wins if
- Home price growth below 6.4% a year meets this condition; our figure is 5.1%, which is Utah's long-run rate.
- A mortgage rate remains higher than 5.22%.
- A similar home rents for under $2,640 each month. The typical figure here is $1,913.
- Your move comes before year 16.
When buying wins
- Home prices increase by more than 6.4% a year.
- You secure a mortgage rate under 5.22% (today's is 7.24%).
- The same home would cost more than $2,640 a month to rent.
- You remain for 16 years or more.
How 812 other cities compare with Herriman
| Measure | Herriman | Median city |
|---|---|---|
| Typical home value | $603,287 | $422,451 |
| Typical rent | $1,913 /mo | $1,837 /mo |
| Price-to-rent ratio | 26.3 (#115 of 813) | 18.5 |
| Home prices, last 10 years | 5.9% a year | 6.2% a year |
| Rents, last 5 years | 2.2% a year | 4% a year |
| Property tax | 0.59% | 0.87% |
| Households that rent | 21% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Utah
- Rent wins by $83k in Salt Lake City, UT.
- Rent wins by $39k in West Valley City, UT.
- Rent wins by $65k in West Jordan, UT.
- Rent wins by $47k in Provo, UT.
- Rent wins by $37k in St. George, UT.
- Rent wins by $57k in Orem, UT.
- Rent wins by $22k in Lehi, UT.
- Rent wins by $104k in Sandy, UT.
- Rent wins by $41k in Ogden, UT.
- Rent wins by $67k in South Jordan, UT.
- Rent wins by $58k in Layton, UT.
- Rent wins by $116k in Millcreek, UT.