The typical owner-occupied home in Fayette is worth about $327,800, 33% below the Utah median of $489,400 and about the same as the national median of $332,700. Owners pay a median $1,274 a year in property taxes, about 0.39% of their home's value, lower than the Utah rate of 0.52%. The median household earns $75,833 a year, so the median home costs 4.3 times the median income (5.1 times for Utah). 73% of occupied homes here are lived in by their owners, and 81% of those owners still have a mortgage.
Fayette at a glance
| Fayette | Utah | U.S. | |
|---|---|---|---|
| Median home value | $327,800 | $489,400 | $332,700 |
| Median property tax paid per year | $1,274 | $2,525 | $3,119 |
| Property tax as a share of value | 0.39% | 0.52% | 0.94% |
| Median household income | $75,833 | $95,166 | $80,734 |
| Homes lived in by their owners | 73% | 70% | 65% |
| Owner homes with a mortgage | 81% | 69% | 61% |
| Median monthly costs, owners with a mortgage | $1,421 | $2,009 | $1,963 |
| Those costs as a share of the owners' income | 32.8% | 20.5% | 21.0% |
| Median rent | – | $1,496 | $1,413 |
| Rent as a share of renters' income | 27.5% | 28.9% | 30.6% |
| Median year homes were built | 1990 | 1992 | 1980 |
| Vacant homes | 20.0% | 8.1% | 10.1% |
| Population | 471 | 3,392,331 | 334,922,499 |
What a typical home costs per month in Fayette
At this week's average 30-year rate of 7.11%, buying the median Fayette home of $327,800 with 20% down costs about $2,007 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,553, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $86,024 for the 20%-down payment. That payment is 32% of the median Fayette household income of $75,833; at that income and 20% down, the 28% guideline points to a home of about $289,000.
| Down payment | $65,560 |
|---|---|
| Loan amount | $262,240 |
| Principal and interest | $1,764 |
| Property taxes (0.39% a year) | $107 |
| Homeowners insurance (our estimate, 0.5% a year) | $137 |
| PMI | $0 |
| Total per month | $2,007 |
Change the numbers in the calculator
| Down payment | $11,473 |
|---|---|
| Loan amount | $321,863 |
| Principal and interest | $2,165 |
| Property taxes (0.39% a year) | $107 |
| Homeowners insurance (our estimate, 0.5% a year) | $137 |
| FHA mortgage insurance | $145 |
| Total per month | $2,553 |
Change the numbers in the calculator
Questions about home buying in Fayette
What is the median home value in Fayette?
About $327,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Fayette?
Homeowners pay a median $1,274 a year, which is about 0.39% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Fayette?
For the median home with 20% down at 7.11%, the payment is about $2,007 a month. Keeping that under 28% of gross income takes about $86,024 a year.
More about Fayette
- Mortgage Refinance in Fayette
- Debt Relief in Fayette
- Home Equity Loans in Fayette
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data