Typical Expenses
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 1 Child | |
| Required annual income after taxes | $29,665 | $54,786 |
| Annual taxes | $6,913 | $12,768 |
| Required annual income before taxes | $36,578 | $67,553 |
Is it expensive to live in Utah?
Utah ranks 34th in the U.S. News & World Report’s Affordability Rankings which means it’s one of the most expensive states in the country to live in. The rankings measure the average cost of living against the average amount of money most households in that state have.
How much do you need to make a month to live in Utah?
Here’s all that in context for those living in Utah. A family of four living in Salt Lake County would need more than $81,000 per year, which breaks down to nearly $6,800 per month. In Utah County, that number drops to $76,553 annually, or $6,379 per month.
What is the cost of living in Utah 2022?
Comparison Highlights
| Cost of Living Indexes | Salt Lake City, UT | Difference |
|---|---|---|
| Overall Index: Homeowner, No Child care, Taxes Not Considered | 122 | 53.0% more |
| Food & Groceries | 95.8 | 8.0% more |
| Housing (Homeowner) | 169.6 | 102.4% more |
| Median Home Cost | $523,400 | $593,100 (113.3% more) |
What salary do you need to live comfortably in Salt Lake City Utah?
To live comfortably in a one-bedroom apartment, you should shoot for an income of at least $70,840 a year or $34.06 an hour. For a two-bedroom apartment, you’ll need to earn at least $91,200 a year or $43.85 per hour.
Is rent in Utah expensive?
Large U.S. metros where rents have spiked the most
Salt Lake City, Utah — Rent jumped 24.6%, up $291 from a median rent price of $1,184 in 2019 to $1,475 in 2022.
What is the cheapest city to live in Utah?
Salt Lake City
Although the capital city is by far Utah’s largest, and despite its many urban amenities, Salt Lake City is ranked first in affordability.
What is considered low income in Utah?
Federal Income Guidelines for Salt Lake City, UT MSA | Section 8 Income Limits
| Income Limit Category | Persons in Family | |
|---|---|---|
| 1 | 2 | |
| Extremely Low (30%) Income Limits ($) | 21,500 | 24,600 |
| Very Low (50%) Income Limits ($)* | 35,850 | 41,000 |
| Low (80%) Income Limits ($) | 57,350 | 65,550 |
Which state has lowest cost of living?
Mississippi
Mississippi. Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi’s housing costs are the lowest in the nation.
What income is considered middle class in Utah?
We define the middle class based on household income, com- pared to median income and federal poverty guidelines. In 2016, the regionally adjusted lower and upper income bounds for Utah’s middle income households were $39,690 to $98,270 (Table 1).
What is the average salary in Utah?
As of Jul 31, 2022, the average annual pay for the Average jobs category in Utah is $57,462 a year. Just in case you need a simple salary calculator, that works out to be approximately $27.63 an hour. This is the equivalent of $1,105/week or $4,789/month.
Is it cheaper to live in Arizona or Utah?
Arizona is 8.0% more expensive than Utah.
Is Utah cheaper than California?
Utah vs California
Overall, the cost of living in California is 32.3% more than Utah. Almost everything will cost more in the Pacific State, which means saving money is always going to be difficult, even though the state’s average income is higher.
What is considered wealthy in Utah?
In Utah, you’ll need to earn $198,875 or more to be considered a “rich” person in the state of nearly 3.4 million residents. The ultra-rich, or the top 5% of earners in Utah, make way more: $517,405 on average, according to the analysis.
Is it cheaper to live in Utah or Texas?
Costs of Living in Utah vs Texas
Texas is estimated to be up to be more than 1.5% more expensive to live in than Utah. Childcare is 7.5% more expensive in Texas, and sports and entertainment eat more out of your pocket than they do in Utah.
Why is housing so expensive in Utah?
Utah has a housing shortage with more people wanting to buy homes than there are homes available. During the panel presentation, Eskic said Utah has about 53,000 more households than it has housing units. This is driving up home prices.
What month is rent the cheapest?
The lowest rental rates are found during the winter months—October through April—with demand and prices reaching their nadir between January and March. An apartment search should begin in the middle of the month prior to the target move month.
Is it cheaper to live in Utah or Colorado?
The cost of living in Denver, CO is 12.5% higher than in Salt Lake City, UT.
What is the warmest city in Utah?
St. George
George, where the thermometer topped out at 117 degrees. So that confirms it: St. George is the hottest place in the state.
Where is rent cheapest in Utah?
The cheapest cities in Utah by average rent prices
- Taylorsville.
- Pleasant Grove.
- North Salt Lake.
- West Jordan. Average 1-BR rent price: $1,010.
- Bountiful. Average 1-BR rent price: $1,014.
- Herriman. Average 1-BR rent price: $1,095.
- Layton. Average 1-BR rent price: $1,001.
- Centerville. Average 1-BR rent price: $1,071.
Where is housing cheapest in Utah?
2022 Most Affordable Cities in Utah
- Ogden.
- Brigham City.
- Logan.
- Cedar City.
- Roy.
- Clearfield.
- South Ogden.
- Tooele.