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 is the current cost of living in Utah?
Average Cost of Living in Utah: $37,369 per year.
What is the cost of living increase for 2022 in Utah?
Inflation is on the rise at a historic pace in the United States. The consumer price index surged 7.5% on an annual basis in January 2022, the highest increase in about 40 years.
How the Cost of Living in Utah Compares to the Nation.
| Rank | 40 |
|---|---|
| State | Arkansas |
| Cost of living | 9.1% less than avg. |
| Most expensive category | Groceries |
| Least expensive category | Housing |
Can I afford to live in Utah?
In 22 of the 25 cities on the list, a post-tax salary of more than $50,000 is considered adequate to live comfortably. The average salary needed to live comfortably across all of the major metro areas is $57,013, according to SmartAsset.
Is it expensive to move to Utah?
The cost of living in Utah is less expensive than the national average in the United States. Many commodities and services cost less in Utah than in the United States overall. The State of Utah as the 24th highest cost of living overall. It is more expensive to live in urban areas than rural areas in the United States.
How much is a good salary in Utah?
Average Salary in Utah. $44,702 is the 25th percentile. Salaries below this are outliers. $67,730 is the 75th percentile.
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.
Is it cheaper to live in Arizona or Utah?
Arizona is 8.0% more expensive than Utah.
How much is the minimum wage in Utah?
$7.25 per hour
Utah’s state minimum wage rate is $7.25 per hour. This is the same as the current Federal Minimum Wage rate. The minimum wage applies to most employees in Utah, with limited exceptions including tipped employees, some student workers, and other exempt occupations.
Where is the lowest cost of living in the US?
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 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 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).
Why are Utah wages so low?
COVID-19 sparked Utah labor shortage, low wages can’t bring workers back. Employment rates in the U.S have not recovered since the pandemic disrupted the economy and many Americans are still earning the national minimum wage of $7.25.
What are the disadvantages of living in Utah?
List of the Cons of Living in Utah
- Home prices are a lot higher on average when compared to the rest of the United States.
- There can be a lot of nothing between communities in Utah.
- Like it or not, religion is a way of life for many in Utah.
- Taxes can be a challenge when you start living in Utah.
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 average home price in Utah?
According to data from UtahRealEstate.com obtained by KUTV 2News Wednesday, prices for all housing types in Utah last month were up more than 25 percent from April 2021. It was much higher for single-family homes with a statewide median sales price of $580,000, up more than 23 percent from a year ago.
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 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.
Does Utah have state income tax?
Utah has a flat 4.85 percent individual income tax rate. Utah also has a 4.85 percent corporate income tax. Utah has a 6.10 percent state sales tax rate, a max local sales tax rate of 2.95 percent, and an average combined state and local sales tax rate of 7.19 percent.
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.
Is Utah a good state to live in?
The state is known for its high quality of life, low crime and beautiful landscape. Utah is more affordable than neighboring state Colorado but offers similar climate and access to stunning mountains.