Rent vs buy in Lehi, UT
In Lehi, Utah, the typical rent is $2,168 /mo and the typical home is $568,914.
Over 7 years, renting comes out ahead by $22k
Today's mortgage rate and 20% down, applied to Lehi's typical home value and rent. Break-even arrives in year 9.
Opinion, clearly labelled, math shown. They're estimates, not quotes. Change one number and the stamp changes.
- Renting is ahead by
- $22k after 7 years
- Break-even point
- year 9 when owning catches up
- Real cost of owning
- $4,630 /mo year 1, against $2,168 rent
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Is renting or buying cheaper in Lehi?
Over 7 years renting costs $21,634 less, counting what you get back from selling the home. Renting costs less for the first 8 years. By year 9, owning catches up.
Renting Owning Net cost to date, year by year.
Average rent compared with mortgage payment in Lehi
Rent and mortgage payments don't tell the whole story, so here are all the monthly costs for year 1, based on Lehi's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,168 | All of it, every month |
| Mortgage payment | $3,102 | $2,734 of it is interest in year 1 |
| Property tax | $190 | 0.4% of the value a year |
| Insurance | $71 | Census median for the city |
| Upkeep | $474 | 1% of the value a year |
| Owning, cash out | $3,836 | $368 of it builds equity |
| Lost return on the down payment | $925 | What your cash would earn yearly at 8.3% |
| Buying costs, spread out | $237 | 3.5% of the price over 7 years |
| True cost of owning | $4,630 | Cash out, take off the equity share, then add the two lines above |
The Lehi verdict, by the numbers
- Typical home value, from Zillow's ZHVI, September 2026
- $568,914
- Typical rent, from Zillow's ZORI, September 2026
- $2,168 a month
- Down payment: 20% down avoids private mortgage insurance, and the engine does not model it
- 20%
- Mortgage rate, sourceFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home prices, from the FHFA house price index for Utah, 1995 to 2025
- 5.1% each year
- Growth in rent, from the CPI rent of primary residence, annual growth 2006 to 2026
- 3.5% each year
- Savings return60% S&P 500 including dividends plus 40% 10-year Treasuries, rebalanced every year, 1928 to 2025
- 8.3% each year
- Property taxesCensus ACS 2020-2024, Lehi
- 0.4% of the home's value
- Insurance for the home, from Census ACS 2020-2024, Lehi
- $71 a month
- Maintenance Fannie Mae, at the low end of 1% to 4%
- Each year, 1% of the value
- Buying costs Freddie Mac, midpoint between 2% and 5%
- 3.5% of the purchase price
- Selling costsAgent commission and closing costs
- 6% of the price
What would reverse the verdict in Lehi?
Each line marks the tipping point for Lehi's 7-year verdict, with all the other inputs held the same.
Renting comes out ahead when
- Home prices grow more slowly than 5.5% a year (5.1% is what we use, which is Utah's rate over the long run)
- The mortgage rate remains above 6.57%
- Such a home goes for less than $2,400 a month in rent (typical here: $2,168).
- You move out before year 9
Buying comes out ahead when
- Home prices grow by more than 5.5% a year.
- You lock in a mortgage rate under 6.57% (today's rate is 7.24%).
- The same place would cost more than $2,400 a month to rent.
- Staying 9 years or longer.
Lehi compared with the other 812 cities
| Measure | Lehi | Median city |
|---|---|---|
| Typical home value | $568,914 | $422,451 |
| Typical rent | $2,168 /mo | $1,837 /mo |
| Price-to-rent ratio | 21.9 (#253 of 813) | 18.5 |
| Home prices, last 10 years | 6.7% a year | 6.2% a year |
| Rents, last 5 years | 2.5% a year | 4% a year |
| Property tax | 0.40% | 0.87% |
| Households that rent | 25% | 42% |
Data from: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Utah cities
- Rent. Salt Lake City, UT. By $83k, renting wins.
- Rent. West Valley City, UT. By $39k, renting wins.
- Rent. West Jordan, UT. By $65k, renting wins.
- Rent. Provo, UT. By $47k, renting wins.
- Rent. St. George, UT. By $37k, renting wins.
- Rent. Orem, UT. By $57k, renting wins.
- Rent. Sandy, UT. By $104k, renting wins.
- Rent. Ogden, UT. By $41k, renting wins.
- Rent. South Jordan, UT. By $67k, renting wins.
- Rent. Layton, UT. Renting comes out ahead by $58k.
- Rent. Millcreek, UT. Renting comes out ahead by $116k.
- Rent. Herriman, UT. By $68k, renting wins.