The cost of living in utah is relatively affordable compared to other us states. Utah’s overall cost of living index is 94.4, which is below the national average of 100. utah, also known as the beehive state, is renowned for its breathtaking national parks, ski resorts, and vibrant culinary scene.
It is situated in the western part of the us, surrounded by nevada, arizona, colorado, wyoming, and idaho. But what is the cost of living in this state? While it is not the cheapest, utah has a relatively affordable cost of living compared to other states.
This is because it has one of the lowest tax percentages, a strong job market, and easy accessibility to public transportation. However, it is essential to know the average housing, transportation, healthcare, and food costs to plan a move or vacation budget. Let’s dive deeper into utah’s cost of living.
Housing Costs In Utah
If you are looking to relocate to utah, it’s crucial to understand the cost of housing. The housing market is constantly evolving, and knowing the price of renting or owning a home can help you make informed decisions.
Rental Costs By Cities In Utah
The rental market in utah varies widely from city to city. Some cities feature high rents, while others are more affordable. Here are the monthly rental costs for popular cities in utah:
- Salt lake city: $1,110 – $2,360
- Provo: $1,060 – $1,470
- Ogden: $1,030 – $1,350
- Logan: $940 – $1,160
- St. george: $900 – $1,350
Keep in mind that rental prices can depend on the size and location of the apartment.
Average Home Prices In Utah
The average home price in utah is $500,000, making it an attractive option for those in search of affordable housing. Here are the average home prices for popular cities in utah:
- Salt lake city: $444,500
- Provo: $379,000
- Ogden: $304,900
- Logan: $312,900
- St. george: $378,900
However, it is important to keep in mind that home prices can vary depending on the location, age, and type of home you are looking to purchase.
The Cost Of Utilities In Utah
The cost of utilities in utah depends on the city. However, on average, you can expect to pay around $200 per month on utilities, including electricity, gas, water, and internet.
Hidden Costs Of Owning A Home
Owning a home comes with many expenses beyond the initial down payment. Here are some of the hidden costs of owning a home:
- Property taxes: Property taxes in utah are among the highest in the nation, averaging around 0.69% of the home’s value per year.
- Maintenance and repairs: Homeowners should account for regular maintenance and unexpected home repairs, with average costs ranging from $1,200 to $4,000 each year.
- Homeowners insurance: The average cost of homeowners insurance in utah is around $784 per year.
- Hoa fees: If you live in a community with an hoa, you may have to pay monthly or annual fees, which can range from $50 to $800.
Understanding the cost of housing in utah is crucial before making a move. Rental costs, home prices, and hidden expenses must all be taken into account before making any decisions.
Transportation Costs In Utah
Utah is known for its stunning natural beauty, outdoor recreation opportunities, and a thriving tech industry, making it one of the fastest-growing states in the us. However, before anyone moves or visits, it’s important to consider the cost of living and make informed decisions about finances.
Transportation is one of the biggest expenses for anyone living or visiting utah. In this blog post, we will dive into the cost of transportation in utah and compare the costs of car ownership with public transportation.
Comparison Of Car Ownership Costs With Public Transportation
Owning a car comes with a lot of responsibilities, and the costs add up quickly. On the other hand, public transportation provides a cheaper way to move around without worrying about all the car cost concerns, such as car payments, insurance, maintenance, and gas.
Here is a comparison between the two options:
- Car ownership costs:
- Car payments: According to experian, the average car payment in utah is around $442 per month.
- Car insurance: Utah is ranked as one of the top 10 states for the most expensive car insurance rates. The average annual insurance payment in utah is around $1,244.
- Fuel costs: The cost of gasoline in utah varies significantly depending on the location and season. In 2021, the statewide average for a gallon of gas in utah is around $3.40.
- Vehicle registration and fees: The annual registration fee in utah ranges from $43 to $225, depending on the car’s age and weight.
- Repairs and maintenance: Depending on the age and condition of your car, you might spend between $500 to $1500 or more annually on repairs and maintenance.
- Public transportation costs:
- Monthly pass fare: A monthly pass to use public transportation in salt lake city (bus, trax, s-line) costs around $83. Local bus fares are $2.50, and trax/s-line fares are $2.50 one way.
- Other public transportation options: The utah transit authority runs several bus and rail systems throughout the state, including frontrunner, a commuter rail system that runs from ogden to provo.
Cost Of Gasoline In Utah
Utah has a slightly lower average gasoline cost compared to the national average, but the prices vary depending on the location and season. In utah, the cost of gas is usually higher during the summer months when demand increases. However, gas prices in utah tend to be more stable than in other states.
Vehicle Registration And Fees
The utah division of motor vehicles (dmv) charges a registration fee for all vehicles registered in the state. The fee depends on the age of the vehicle and the vehicle’s weight. You need to renew your registration annually, and there are additional fees if you’re renewing late.
Average Yearly Costs Of Repairs And Maintenance
Repairs and maintenance costs depend on your car’s make and model, its age, and mileage. According to aaa, the average yearly cost of owning a car in the us is around $8,849, including fuel, insurance, maintenance, and repairs. This number can rise or fall depending on several factors.
The cost of transportation in utah is an essential factor to consider when planning your personal or family budget. Owning a car has its advantages, but public transportation is an affordable option that can save you a lot of money over time.
It’s essential to weigh the pros and cons of each option and make informed decisions that suit your personal situation.
Healthcare And Insurance Costs In Utah
Utah is a beautiful state known for its stunning natural beauty, friendly people, and affordable cost of living. However, healthcare and insurance costs in utah can often be a massive burden on residents. In this section, we will explore the healthcare and insurance costs in utah and provide you with key information on how to manage these expenses effectively.
Average Costs Of Healthcare In Utah
Utah’s healthcare costs are below the national average. However, the exact cost of healthcare in utah can vary significantly according to several factors, such as age, location, and pre-existing health conditions. Here are some of the average healthcare costs in utah:
- Doctor’s visit: $120-$170
- Hospital stay (per day): $1,270-$2,100
- Dental cleaning and checkup: $110-$150
- Eyeglasses: $150-$300
- Prescription drugs: Prices can vary based on health plans
Health Insurance Options And Costs In Utah
In utah, you can choose from different healthcare plans, such as health maintenance organizations (hmos) and preferred provider organizations (ppos). Health insurance costs can vary significantly based on factors such as:
- Pre-existing health conditions
Here are some of the average health insurance costs in utah:
- Individual healthcare plan – (hmo) premium: $334/month; (ppo) premium: $580/month
- Employer-sponsored healthcare plan – (hmo) premium: $277/month; (ppo) premium: $634/month
Out-Of-Pocket Costs And Deductibles
Out-of-pocket costs refer to expenses that are not covered by health insurance, such as deductibles, copays, and coinsurance. In utah, the average deductibles are as follows:
- Individual plans – $2,935
- Family plans – $5,869
In addition to deductibles, out-of-pocket maximums in utah are:
- Individual plans – $6,850
- Family plans – $13,700
It is crucial to understand the out-of-pocket costs and deductibles to avoid any surprises when visiting healthcare providers.
Managing healthcare and insurance costs can be a challenging task, but with the right knowledge, you can make informed decisions to save yourself and your family money. By understanding your options, researching healthcare plans, and utilizing programs like medicaid, you can take control of your healthcare expenses in utah.
Food And Entertainment Costs In Utah
Utah is a well-known state among tourists, outdoor enthusiasts, and those who prefer a balanced lifestyle. Utah’s stunning natural beauty, affordable housing, and numerous entertainment options have made it a popular destination for people of all ages. However, it’s essential to have an idea of utah’s cost of living, especially its food and entertainment costs.
Average Grocery Costs In Utah
Utah’s grocery prices are relatively lower than the us average, making it an affordable place to shop. According to numbeo, the average cost of groceries for one person in salt lake city is around $304. 88 per month. Other cities such as ogden and provo are relatively cheaper, with an average grocery cost of around $237.
27 and $268. 08 respectively per month.
If you’re looking to save on groceries, consider shopping at stores like walmart, costco, and trader joe’s. They offer competitive prices and a broad range of products.
Here are some essential grocery items and their average cost in utah:
- Bread: $2.43
- Milk: $0.72 (per liter)
- Eggs: $2.47 (per dozen)
- Chicken breasts: $6.26 (per pound)
- Apples: $1.56 (per pound)
- Potatoes: $0.64 (per pound)
Dining Out And Entertainment Costs
Utah offers a variety of dining options, ranging from fast food to fine dining. The cost of dining out varies depending on the type of restaurant, its location, and the meal’s time. According to numbeo, the average cost of a meal for two people at a mid-range restaurant in salt lake city is around $60.
Suppose you’re looking for a budget-friendly option when eating out. In that case, you might want to consider visiting one of utah’s numerous food trucks and markets. They serve a variety of delicious foods at relatively affordable prices.
When it comes to entertainment, utah offers a diverse range of options, from hiking and skiing to art festivals and live music concerts. The cost of entertainment also varies depending on the activity and the location. For example, a day pass to a water park in salt lake city can cost around $44.
99, while a ticket to a museum can cost around $12.
Utah’s Sales Tax And How It Affects The Cost Of Goods
It’s important to keep in mind that utah’s sales tax affects the cost of goods and services. Utah has a 4. 85% state sales tax, and the local sales tax rate varies depending on your city or town. For example, salt lake city has an additional 1.
5% local sales tax, bringing the total tax to 6. 35%.
Utah also has specific taxes on certain products, such as alcohol, tobacco, and gasoline. Alcohol sales are regulated and charged an additional 86% markup on the wholesale price, making it relatively expensive compared to other states.
Utah’s cost of living is relatively lower than the national average, making it an affordable and attractive place to live. By keeping in mind the average grocery costs, dining out and entertainment options, and utah’s sales tax, you can budget accordingly and enjoy all that the state has to offer.
Personal Finance In Utah
Utah is renowned for its beautiful landscapes, national parks, and excellent job opportunities. It’s the perfect place to find gainful employment and settle down, but what are the costs of living in utah? In this blog post, we’ll discuss personal finances in utah, including the average salary and wages, income tax rates, state taxes, and the cost of borrowing.
Average Salary And Wages In Utah
Utah has a thriving economy, and its job market is on the rise. Some of the top industries in utah include healthcare, education, and finance. According to recent data, the average annual salary in utah is $63,400. Here are some of the highest paying jobs in utah:
- Surgeons: $307,000
- Psychiatrists: $282,000
- Orthodontists: $278,000
- Physicians: $267,000
- Dentists: $240,000
Income Tax Rates In Utah
Utah has a flat income tax rate of 4. 95%, which is lower than some other states. If you earn $50,000 in utah, you’ll pay around $2,475 in state taxes. However, utahns also have to pay federal taxes.
Overview Of State Taxes In Utah
In addition to income tax, utahns also pay other state taxes, including sales tax, property tax, and gas tax. Here’s how they break down:
- Sales tax: 4.85%
- Property tax: 0.66%
- Gas tax: 30 cents per gallon
Cost Of Borrowing Money In Utah
Utahns who need to borrow money have a lot of options, from credit cards and personal loans to home equity loans and mortgages. Interest rates can vary depending on your credit score and the type of loan you’re applying for.
In utah, the average interest rates are:
- Credit cards: 14.07%
- Personal loans: 11.87%
- Auto loans: 4.33% to 6.71%
- Mortgages: 2.918% (15-year fixed) to 3.349% (30-year fixed)
Utah is a great place to live and work. The average salary and wages are pretty good, and the income tax rate is lower than some other states. Utahns do have to pay other state taxes, including sales tax, property tax, and gas tax.
Lastly, the cost of borrowing money is relatively low in utah, with some of the lowest rates for mortgages.
Frequently Asked Questions For What Is The Cost Of Living In Utah
What Is The Average Cost Of Living In Utah?
The average cost of living in utah is lower than the national average. It includes housing, food, transportation, utilities, and other essential expenses.
How Does The Cost Of Living In Utah Compare To Other States?
The cost of living in utah is lower than many other states in the us. It ranks 26th in the country for affordability, which means that it’s easier to live here than in many other places.
Is It Expensive To Buy A House In Utah?
The price of buying a house in utah varies depending on the location. In general, it’s less expensive than in many other states, and first-time homebuyers can take advantage of various programs.
How Much Do Utilities Cost In Utah?
Utilities in utah are cheaper than in many other states. The average monthly utility bill in utah is $373, which is lower than the national average by about 18%.
What Is The Average Salary In Utah?
The average salary in utah is around $63,000 per year, which is higher than the national average. However, it also varies depending on the specific industry and the location.
After considering all the factors that contribute to the cost of living in utah, it is clear that this state is one of the most affordable in the nation. With low housing prices, below-average utility costs, and no state income tax, residents of utah are able to keep a sizable portion of their earnings.
However, it’s important to note that some areas of utah, particularly those close to the state’s major cities, may prove to be more expensive. Nevertheless, the vibrant and diverse culture, the thriving economy, and the stunning natural beauty make utah an attractive destination for families, young professionals, and retirees alike.
So, if you’re looking for a state that offers an unbeatable quality of life at an affordable cost, utah could be the ideal choice for you. Utah is a great place to call home, without breaking the bank.