Quick facts: Orem, UT

Quick Facts

105.5
Cost of Living
above US average
95,910
Population
19.02
Crime Rate per 1000
below US average
$77,568
Median Income
below US average
$499,900
Median House Price
above US average
$1640.18
Average Rent
above US average
8%
Poverty Rate
below US average
3.8%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $77,568.

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Income Needed to Buy

βœ— Stretch
$157k/year
Based on $499,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $157k vs median $77,568
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Income Needed to Rent

βœ“ Affordable
$70k/year
Based on $1640.18/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($77,568) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Orem, UT

Orem is a city located in Utah County, nestled in the scenic region of Utah Valley. With a population of around 100,000, it is part of the Provo-Orem metropolitan area. The city is situated just north of Provo and south of Lehi, offering a vibrant mix of residential neighborhoods and commercial developments. Orem is known for its family-friendly atmosphere, abundant recreational opportunities, and the picturesque backdrop of the Wasatch Mountains. The city is home to several parks, including the popular Canyon View Park and the expansive Orem City Center Park, which features playgrounds, walking trails, and sports facilities. Education is a significant aspect of Orem, with the presence of Utah Valley University, providing higher education options for residents and contributing to a youthful and dynamic community. The city also hosts various cultural events and festivals throughout the year, fostering a strong sense of community among its residents. With its beautiful landscapes, strong sense of community, and access to outdoor activities, Orem is an attractive place to live, work, and play in Utah.

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