The Cost of Living in Salt Lake City, Utah: Are You Financially Ready?

Salt Lake City, Utah, is a popular choice for those looking for a great atmosphere, a warm community, and a booming economy. Why? Primarily because—when you compare it to other US states—it has a relatively lower cost of living. 

It's important that you know more about the expenses of living there to prepare you if you've been playing with the idea of moving. Factors such as a low state tax rate, affordable housing market, and energy costs contribute to its affordability. 

To add to that, the personal consumption expenditure (PCE) per person in Utah in 2021 was $47,653—less than the national average.

The state's PCE saw a significant increase of 16.3% from 2020 to 2021, indicating economic growth. From 2017-2021, owner-occupied housing units in Salt Lake City were worth $380,200, which was above average. 

While the cost of these types of properties was generally higher, remarkably, the city's median gross rent was still able to be lower than what you'd find in other states. It's thanks to several factors: solid economic standing, low unemployment, and a growing population. 

Utah's consumer price index (CPI) for grocery products also deviates from the average; the state's recommended monthly food per person is $341.42, lower than the national average. You can determine where prices are more favorable by comparing your home state's grocery CPI against Utah's.

Salt Lake City's estimated transportation cost per adult is $5,316. That includes the expenses related to owning a car, auto insurance, gas, auto maintenance, and public transportation. The city's transportation CPI is slightly higher than the national average, though it's known for its walkability and bikeability. Having these options means you have transportation alternatives. 

It's also known as a tax-friendly environment. Residents pay a 4.85% income tax; the average per capita tax collection is relatively low compared to other states.

Knowing what factors into Salt Lake City's cost of living can help determine if you're ready to move there. Learn more facts and the other expenses when living in the area in the handy infographic below.

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