Utah is known for many of its vacation destinations, like the perfectly ski-able snowy mountains and Zion National Park. It is also one of the states making up the four corner monument. The state also has many other attractive features besides its most notable tourist attractions.But what is the cost of living in Utah?
Utah has a diverse economy and is known for having kind, welcoming people. Many visitors love coming to Utah, but how does it hold up as a potential place to call home?
Here is a look at the cost of living in Utah.
How much do homes in Utah cost?
Overall, Utah ranks 28th in the United States for affordability, meaning 27 states are more affordable. Home pricing has been on the rise in the state, making purchasing a home more difficult for many residents.
Home pricing varies widely from city to city in Utah. However, the average home cost is $338,200, while the average home cost across The United States is $231,200. In Salt Lake City, housing costs are on average 8% lower than the rest of the country. The average home is about $320,281 in the city.
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Rent is around $1,003 a month for a two-bedroom. On average, rent for a three-bedroom home in Utah is $1,332, while the average rent across the United States for a three-bedroom is $1,537. A four-bedroom home in the United States goes for just under $1,800 a month, and in Utah, a four-bedroom home rent is $1,563.
What is a typical salary?
While home prices have risen, so has the income for those working in the state. In fact, workers have seen their salary grow by 3 3 percent while the national average was only 1.1 percent. The average salary for an individual in Utah is around $30,000, while the average household brings in almost $72,000 per year. The average household income is $10,000 higher than the average income across the United States.
The average hourly wage for 27 percent of the jobs available in the state is $27 an hour, making the average yearly income for those positions just under $56,000 a year. Just 4 percent of the positions in the state make more than $83,000 a year. The lack of high salaries ranks Utah 43 out of 50 states for salary.
The job market is relatively slow in Utah, with very few large companies hiring. If you are considering a move to Utah, the following cities are your best bet for finding work:
- Layton
- Sandy
- West Jordan
- Ogden
- Salt Lake City
- West Valley City
- Provo
- Logan
- Orem
- St. George
Typical industries in Utah include mining, cattle ranching, salt production, and government employment.
Is there public transportation?
Depending on which city you choose, there is plenty of public transportation available. In Ogden, a public transit pass will cost you $84 a month, while Salt Lake Cities’ public transportation will run about the same per month.
Every year, you have the potential to save up to $1,000 on transportation if you choose to use public options. Using public transportation has many benefits such as:
Depending on where you live and work, your employer may have public transportation discounts available to you. On average, only 2.5 percent of Utahns use public transportation, with 76 percent of residents using their own vehicles.
Cost of Utilities in Utah
Utility costs in Utah have been trending down. In fact, they have gone down 7 percent over the last year, making them 22 percent lower than the national average. Energy rates fluctuate due to demand.
Currently, Utah mines more coal and produces more energy than its residents use. Utah also is working on producing more clean energy for public consumption, including wind and solar power. They are also building a nuclear power plant.
Typically, you will pay $130 a month for your energy bill in Salt Lake City, and gas is $2.80 gallon. The average phone bill is $139.40 a month.
How much does food cost in Utah?
Groceries run about 2 percent lower than the national average. Shoppers should expect to pay $3.25 for a bread loaf in Salt Lake City, $1.89 for a gallon of milk, and $1.76 for an egg carton. A bunch of bananas runs $3.28, while a hamburger is $4.13.
St. George only runs a penny more for each grocery item, sticking very close to Salt Lake’s average prices. Spending your lunch break at a Salt Lake City restaurant will run about $14, while driving through the local fast-food joint will run around $8.
Healthcare Considerations
In healthcare accessibility, Utah is ranked number 32. Since health care costs can negatively affect your overall cost of living, you need to obtain healthcare at an affordable premium. Your additional out-of-pocket expenses need to be within a rate that you can manage.
On average, healthcare in Salt Lake City is about 7% below the national average. The average doctor’s visit comes in $102.63, while a dentist visit will cost you around $88. The most expensive cost you will face is your prescriptions, averaging $408 in the Salt Lake City area.
If you are bringing four-legged friends with you, veterinary expenses will also factor into your overall cost of living. The average cost for a veterinary visit in Salt Lake City will be around $49.
What is the tax rate in Utah?
Tax rates are one of the significant factors for moving to a new state. If a lower overall tax helps your bottom line, it will be a factor that is high on your list. Utah has charged its residents a flat tax rate since 2009 of just under 5 percent.
Sales tax in Utah is 4.7%. Utah has been working on lowering its overall tax burden for residents in the past couple of years. Even with the additional local taxes, you are looking at a 5.9 to 8.7% tax rate depending on where you live within the state. Overall, Utah is a pretty tax-friendly state.
Your Utah Home Search
If Utah sounds like the place for you, a visit to the state may be your next step. Before you arrive, you may want to get in touch with local real estate agents. Talking to agents before visiting a potential new home town can give you a sense of where to look and background information relative to your needs.
If you are looking for help on your real estate journey, UpNest, which is owned by parent company Realtor.com, is a no-cost service for home sellers and buyers to find the best real estate agents locally. The UpNest platform allows you to compare multiple agents in your area so you can compare reviews, commission rates, previous sales, and more.
Our network agents have been carefully vetted and often offer competitive, lower than average commission rates to UpNest customers. There is no obligation to sign up with one of our network Realtors, but when you can potentially save thousands on commission – why wouldn’t you? If you’re ready to get started, just enter your zipcode below!
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How much money do you need to live comfortably in Utah?
According to one estimate, you’ll need somewherebetween $43,000 and $66,000 per year. This criteria is based on the needs for housing, food, transportation, health care and taxes. Here’s all that in context for those living in Utah.
Is it cheaper to live in Utah or Arizona?
It depends on where you want to live in both states, but lets compare the two most popular cities in each state. You would need around 4,398.80$ in Salt Lake City, UT to maintain the same standard of life that you can have with 4,700.00$ in Phoenix, AZ (assuming you rent in both cities).
Certainly, here's a breakdown of various aspects mentioned in the article about the cost of living in Utah:
Cost of Housing:
- Home Prices: Utah's average home cost is $338,200, higher than the national average of $231,200.
- Rent: A two-bedroom apartment costs around $1,003 per month, while a three-bedroom costs $1,332, both below the national averages.
- Salary Growth: Utah has seen a 3.3% increase in salaries compared to the national average of 1.1%.
Job Market:
- Salaries: The average individual income in Utah is around $30,000, with households earning approximately $72,000 per year.
- Job Availability: While the job market is relatively slow, certain cities like Salt Lake City and Provo offer better prospects.
Transportation:
- Public Transit: Various cities offer public transit options costing around $84 a month in Ogden and Salt Lake City.
- Benefits of Public Transport: Using public transportation can save up to $1,000 annually and reduces parking, car maintenance, and gas expenses.
Utilities:
- Energy Costs: Utah's utility costs are 22% lower than the national average. Electricity averages $130 per month in Salt Lake City.
- Clean Energy Initiatives: Utah is investing in clean energy sources like wind, solar, and nuclear power.
Food Expenses:
- Groceries: Utah's grocery prices are about 2% lower than the national average.
- Food Costs: Prices for basic items like bread loaf, milk, eggs, bananas, and dining out are provided.
Healthcare:
- Healthcare Costs: Utah's healthcare costs are about 7% below the national average, with doctor visits costing around $102.63.
Taxes:
- Income Tax: Utah charges a flat tax rate of nearly 5%.
- Sales Tax: The sales tax rate is 4.7%, with the overall tax burden varying from 5.9% to 8.7% depending on the location within the state.
Comfortable Living Expenses:
- Estimation: To live comfortably in Utah, estimates range from $43,000 to $66,000 per year based on housing, food, transportation, healthcare, and taxes.
Utah vs. Arizona:
- Cost of Living Comparison: Depending on the city, Salt Lake City might require approximately $4,398.80 to maintain the same standard of living achievable with $4,700.00 in Phoenix, Arizona.
This comprehensive overview reflects various aspects of the cost of living in Utah, providing a detailed understanding of housing, expenses, job market, utilities, taxes, and comparisons with other states like Arizona.
