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WHAT IS THE COST OF LIVING IN UTAH?

A road in Utah

Thinking about moving to Utah or just curious about what it costs to live in this picturesque state? You’re in the right place! In this guide, we’ll get into everything you need to know about the cost of living in Utah.

We’ll start by taking a look at Utah’s economy. How is it doing, and what does that mean for you and your wallet? Then we’ll explore the housing market so you can see where you might want to set up your new home. Taxes are never fun to think about, but they’re crucial to understand, so we’ll break down tax rates in Utah. And we’ll explain how EDGEhomes is here to help!

Let’s get started on your go-to resource for getting a real feel for the cost of living in Utah!
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HOW’S UTAH’S ECONOMY


Utah’s economy is buzzing with activity and growth! As of the first quarter of 2023, the state’s economy ranked 30th in size among U.S. states and Washington, D.C. The real GDP growth rate for Utah was 1.7% per year, showcasing a higher economic growth than the US overall. This is great news for anyone thinking about the job market in Utah, which is quite robust with an unemployment rate of just 2.7%. With its diverse economy, Utah’s industries are thriving, especially the information sector, which experienced an 11.3% growth rate. And if you’re into real estate, the state’s economy is heavily influenced by the real estate and rental and leasing sector, contributing $30.7 billion annually.

WHAT’S THE COST OF LIVING IN UTAH

A bus on a street in Utah


Living in Utah in 2023 offers affordability and quality. Here are some costs to consider:

  • Housing: A major expense with a wide range. Average monthly housing costs can be between $946 for a studio and $1,840 for larger homes. The typical home value is around $500,000.
  • Utilities: Average monthly utility bills are around $271, including electricity, gas, and internet.
  • Groceries: The monthly cost per person for groceries averages about $259.
  • Transportation: Annual transportation costs vary from $5,316 to $15,073, depending on family size.
  • Healthcare: The average annual per-capita healthcare cost is approximately $5,735.
  • Childcare: Monthly childcare costs range from $786 to $1,381 per child.

Overall, the cost of living in Utah is generally lower than the national average, making it an attractive option for many individuals and families.

HOW’S THE HOUSING MARKET IN UTAH

The Utah housing market has experienced significant changes in recent years, influenced by factors such as the COVID-19 pandemic, remote work trends, and shifts in federal interest rates. The housing shortage in Utah began as businesses expanded and attracted new residents, compounded by supply chain disruptions and construction delays. As a result, Utah saw one of the most dramatic increases in home prices year over year between 2020 and 2021. However, the market is now entering a cooling period, with signs of decreased housing prices and increased listings, providing more opportunities for buyers. The average home price is expected to stabilize, and the overall market is predicted to show more stability​.

TAX RATES IN UTAH


Utah’s tax rates include a flat-rate state income tax of 4.85%, as reported by the Tax Foundation. This rate is relatively low compared to other states, such as California, which has a graduated-rate state income tax system with rates as high as 13.3%. Additionally, Utah’s sales tax ranges from 5.95% to 8.70%, and the property tax rate is around 0.66%.

LIFESTYLE CONSIDERATIONS


From a cost of living in Utah perspective, here are some lifestyle considerations:

  • Housing Affordability: A mix of urban and suburban areas offers diverse housing options, from city apartments to spacious suburban homes.
  • Transportation Costs: Well-connected cities offer public transportation options, though owning a car is common for ease of travel, especially in suburban and rural areas.
  • Grocery and Dining: A reasonable cost for groceries, with a variety of dining options ranging from local eateries to fine dining.
  • Entertainment and Recreation: Affordable outdoor activities like hiking and skiing, and cultural offerings like theaters and museums.
  • Childcare and Education: Availability of childcare services and quality education, with costs varying depending on location and type of institution.

These factors contribute to a balanced and enjoyable lifestyle in Utah that works for various budgets and preferences.

EDGEHOMES


Opting for a home with EDGEhomes offers several financial benefits. You’re not just getting a new place to live; you’re making a smart financial choice.

Buying a new home means you avoid immediate remodeling costs and construction mistakes seen in older properties. No need to fix someone else’s DIY disasters. And a new home also means less time spent on repairs and more on personalization.

Additionally, owning a home with EDGEhomes allows buyers to build equity over time, making it a financially sound investment compared to renting. Fixed-rate mortgage options provide predictable monthly payments, ensuring long-term affordability. And here’s the best part: every payment you make builds up your home’s equity. It’s like paying into your own future instead of someone else’s pocket.

EDGEhomes supports buyers throughout the process, making home ownership both a smart and attainable financial decision. Visit our Home Buyer Guide for more insights on how EDGEhomes makes the path to homeownership both rewarding and straightforward.

LIVE IN UTAH WITH EDGEHOMES


Considering a move to Utah? With EDGEhomes, you can enjoy the benefits of a cost-effective lifestyle thanks to the low cost of living in Utah and attractive tax rates in Utah. EDGEhomes offers quality housing options that complement the financial advantages of living in Utah.

For more details on how EDGEhomes can enhance your experience in Utah, visit our website. Discover the potential for a comfortable and economically smart lifestyle in Utah with EDGEhomes.

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