Summary
According to 2021 data from the Bureau of Economic Analysis, the average cost of living in the state is $43,653.
As of March 2023, the average home value in Utah is estimated to be over $500,000.
The average utility bill in Utah is approximately $345.
People living in Utah can expect to spend an average of $282 on food and groceries per month – one of the lowest amounts in the country.
A single adult with no children can expect to pay upwards of $5,300 on transportation costs a year.
Utah has a flat rate state income tax of 4.95% meaning your tax bill if you live in Utah will be lower than if you live elsewhere in the US.
What is the average cost of living in Utah?
Utah is home to over 3.3 million people.
According to 2021 data from the Bureau of Economic Analysis, the average cost of living in the state is $43,653.
This makes the average cost of living in Utah per month approximately $3,638.
According to data gathered in 2022 from MERIC, the Missouri Economic Research and Information Center, the state ranks 29th in a list of states with the lowest to the highest cost of living.
What are the average housing costs in Utah?
As of March 2023, the average home value in Utah is estimated to be around $506,072, according to the Zillow Home Value Index as of March 2023.
It’s important to note that housing prices can significantly differ across various regions within the state. Here are some examples of typical home prices based on Zillow's data:
| City | Average Home Value |
|---|---|
| Salt Lake City | $537,080 |
| West Valley City | $441,740 |
| Provo | $452,797 |
| West Jordan | $523,600 |
| Orem | $476,846 |
The average price of rental apartments nationwide is $1,702. The average rent for an apartment in Salt Lake City is $1,664.
In addition, understanding these costs in relation to the average salary in Utah is crucial for realistic budgeting.
How much is the average utility bill in Utah?
Utility costs play a significant role in Utah's overall cost of living. According to Forbes, the average monthly cost is around $345.
| Utility | Average cost in Utah |
|---|---|
| Energy bill | $80.87 |
| Monthly water bill | $38 |
| Internet | $30 |
| Natural gas | $35 |
| Phone bill | $114 |
| Streaming | $47.75 |
How can I manage my cost of living in Utah?
Managing your cost of living alongside paying taxes, saving for retirement, and maintaining an emergency fund is a delicate balancing act.
A financial advisor can help you make the best financial decisions for your goals. They work with you to create a unique plan based on your needs and goals. Finding a financial advisor is simple. By answering just a few questions, we'll connect you to an SEC-regulated financial advisor.
Get matched with an advisor here.
How much are the average grocery and food costs in Utah?
When it comes to groceries and food costs, Utah generally aligns with prices found elsewhere in the United States.
According to Zippia, those in Salt Lake City pay $282 on average each month. This is one of the lowest amounts in the country.
According to 2021 data from the Bureau of Labor Statistics, the average spending on food at home is $5,259 annually, or about $438 per month for US households.
How much does transportation cost in Utah?
Transportation costs, including gas prices and vehicle maintenance, impact Utah's overall cost of living.
According to MIT, a single adult with no children can expect to pay upwards of $5,300.
Gas prices in Utah are typically in and around the national average. Utah was below over $1 the national average at the time of writing. These prices fluctuate over time.
It is also worth noting that prices can vary across different regions within the state.
How much are healthcare costs in Utah?
Understanding healthcare expenses is crucial when considering the cost of living.
The specific healthcare costs in Utah can vary depending on factors such as insurance coverage and individual circ*mstances. Therefore, it is advisable to research and consult with healthcare providers and insurance companies to obtain accurate cost estimates.
MIT estimates:
| Scenario | Annual healthcare expenditure |
|---|---|
| One adult, no children | $2,980 |
| One adult, one child | $9,636 |
| One adult, two children | $9,646 |
| Two adults (one working), no children | $6,296 |
| Two adults (one working), one child | $9,646 |
| Two adults (one working), two children | $9,571 |
| Two adults (two working), no children | $6,296 |
| Two adults (two working), one child | $9,646 |
| Two adults (two working), two children | $9,571 |
How much are childcare costs in Utah?
Families in Utah currently pay around $8,391 per year for childcare for one child. This figure doubles for two children.
However, it's important to note that this figure can vary across the state.
How much tax will I pay in Utah?
Utah has a flat rate state income tax of 4.95%.
Here's a comparison of income tax rates among some neighboring states:
| State | Income Tax Rate Range |
|---|---|
| Utah | 4.95% |
| Arizona | 2.59% - 4.50% |
| Colorado | 4.55% - 4.63% |
| Idaho | 1.125% - 6.925% |
| Nevada | No state income tax |
The sales tax rate in Utah is currently 4.85%. However, it's important to note that local sales tax rates may vary within the state, and additional local option sales taxes may apply in certain areas.
The bottom line
The amount of money needed to live comfortably in Utah can vary depending on location, lifestyle, family size, and personal preferences. However, as the most expensive state in the US, you may need more than you first think.
It's essential to consider these factors, along with personal circ*mstances and preferences, when evaluating the cost of living in Utah. In addition, consulting with a financial advisor can provide valuable insights and assistance in managing expenses and financial planning.
Get expert financial advice and learn more about the cost of living and how to manage it with an SEC-regulated advisor. Let Unbiased match you with the best financial advisor for your needs.
