American Fork, UT—84003
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — American Fork, UT
As of Oct '25, the median home price in American Fork, UT is $589,000, with a year-over-year change of 2.6%. This indicates that home prices in American Fork, UT are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $589,000 | 2.6% |
| Single Family | $601,000 | 3.1% |
| Condos | $347,000 | 2.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $374,000 | 4.5% |
2 Bed | $397,000 | 2.3% |
3 Bed | $508,000 | 2.2% |
4 Bed | $576,000 | 1.9% |
| 5 Bed | $844,000 | 3.8% |
% of Housing Stock
Rental Trends — American Fork, UT
As of July '25, Rentcast reports the average rent in American Fork, UT is $2,020, with a year-over-year rent change of 1.0%. Per bedroom, the median rent as of July '25 in American Fork, UT is studios: $1,510, 1-bedrooms: $1,130, 2-bedrooms: $1,840, 3-bedrooms: $2,090, 4-bedrooms: $2,420. The most common rental property sizes in American Fork, UT are 2-bedroom and 3-bedroom, accounting for 35.1% and 28.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,100 | $2,020 |
| Studio Rent | $1,250 | $1,510 |
| 1 Bed Rent | $1,200 | $1,130 |
| 2 Bed Rent | $1,750 | $1,840 |
| 3 Bed Rent | $2,100 | $2,090 |
| 4 Bed Rent | $2,300 | $2,420 |
% of Rental Stock
Property Listings — American Fork, UT
As of Oct '25, Realtor.com reports that the median days on market for a home in American Fork, UT is 53. This is a increase of 10.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $593,000 | -5.0% |
Listing Count | 234 | -1.0% |
| Listings as % of Homes | 1.3% | -1.0% |
Days on Market | 53 | 10.0% |
Demographics — American Fork, UT
As of the latest ACS Survey released in 2023, American Fork, UT has a population of 55,300, which has increased by 13.3% over the past 5 years. American Fork, UT is a popular place for families, as children make up 33.4% of the population. The area has a highly educated workforce, with 49.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 55,300 | 13.3% |
% Under 18 | 33.4% | -10.0% |
% Seniors | 9.0% | 1.1% |
% WFH | 18.6% | 129.6% |
% w/ College Degree | 49.6% | 8.3% |
As of the latest ACS Survey released in 2023, American Fork, UT is a predominantly white area, with 84.7% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in American Fork, UT is hispanic, making up 7.6% of the population. Foreign-born residents account for 4.6% of the population in American Fork, UT, and this percentage has increased by 17.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 84.7% | -4.3% |
% Black | 0.7% | 16.7% |
% Hispanic | 7.6% | 24.6% |
% Asian | 1.6% | 33.3% |
% Foreign Born | 4.6% | 17.9% |
Mortgage and Risk — American Fork, UT
According to HUD data as of 2023, there were 1004 mortgage originations in American Fork, UT, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in American Fork, UT. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,004 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — American Fork, UT
As of 2024, the percent of homes in American Fork, UT under the Section 8 program is 4.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in American Fork, UT, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 163 |
Total Units Section 8 | 163 |
% Rentals under Section 8 | 4.4% |
% Occupied Section 8 | 92.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $170 | $1,200 | $1,370 |
| 2 Bedroom | -$160 | $1,750 | $1,590 |
| 3 Bedroom | $130 | $2,100 | $2,230 |
| 4 Bedroom | $370 | $2,300 | $2,670 |
Affordability — American Fork, UT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $589,000 |
| Median Household Income | $120,000 |