Payson, UT—84651
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Payson, UT
As of Oct '25, the median home price in Payson, UT is $513,000, with a year-over-year change of 3.9%. This indicates that home prices in Payson, 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 | $513,000 | 3.9% |
| Single Family | $522,000 | 4.2% |
| Condos | $282,000 | -1.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $380,000 | 3.0% |
3 Bed | $479,000 | 4.6% |
4 Bed | $556,000 | 3.9% |
| 5 Bed | $604,000 | 3.8% |
% of Housing Stock
Rental Trends — Payson, UT
As of July '25, Rentcast reports the average rent in Payson, UT is $1,540, with a year-over-year rent change of -6.1%. Per bedroom, the median rent as of July '25 in Payson, UT is 1-bedrooms: $1,170, 2-bedrooms: $1,300, 3-bedrooms: $1,680, 4-bedrooms: $2,000. The most common rental property sizes in Payson, UT are 2-bedroom and 3-bedroom, accounting for 44.4% and 35.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,540 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,160 | $1,170 |
| 2 Bed Rent | $1,240 | $1,300 |
| 3 Bed Rent | $1,650 | $1,680 |
| 4 Bed Rent | $1,900 | $2,000 |
% of Rental Stock
Property Listings — Payson, UT
As of Oct '25, Realtor.com reports that the median days on market for a home in Payson, UT is 65. This is a increase of 2.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $585,000 | 11.0% |
Listing Count | 175 | 22.0% |
| Listings as % of Homes | 1.1% | 22.0% |
Days on Market | 65 | 2.0% |
Demographics — Payson, UT
As of the latest ACS Survey released in 2023, Payson, UT has a population of 29,500, which has increased by 14.2% over the past 5 years. Payson, UT is a popular place for families, as children make up 32.1% of the population. The area has a moderately educated workforce, with 29.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,500 | 14.2% |
% Under 18 | 32.1% | -10.3% |
% Seniors | 10.7% | -0.9% |
% WFH | 13.2% | 193.3% |
% w/ College Degree | 29.3% | 15.4% |
As of the latest ACS Survey released in 2023, Payson, UT is a predominantly white area, with 80.6% of the population identifying as white. The white population has shrunk by 7.7% in the last 5 years. The second most common race or ethnicity in Payson, UT is hispanic, making up 14.6% of the population. Foreign-born residents account for 6.2% of the population in Payson, UT, and this percentage has increased by 26.5% 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 | 80.6% | -7.7% |
% Black | 0.3% | 200.0% |
% Hispanic | 14.6% | 40.4% |
% Asian | 0.6% | 100.0% |
% Foreign Born | 6.2% | 26.5% |
Mortgage and Risk — Payson, UT
According to HUD data as of 2023, there were 735 mortgage originations in Payson, UT, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 49.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Payson, UT. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 735 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Payson, UT
As of 2024, the percent of homes in Payson, UT under the Section 8 program is 6.1%. 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. In Payson, UT, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 77 |
Total Units Section 8 | 77 |
% Rentals under Section 8 | 6.1% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $30 | $1,160 | $1,190 |
| 2 Bedroom | $140 | $1,240 | $1,380 |
| 3 Bedroom | $280 | $1,650 | $1,930 |
| 4 Bedroom | $420 | $1,900 | $2,320 |
Affordability — Payson, UT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.2 |
| Median Home Price | $513,000 |
| Median Household Income | $94,200 |