What’s the cost of living in Utah?
Wondering about the cost of living in Utah? This article summarizes everything you need to know, from tax rates to healthcare costs.
When considering a move to a new state, understanding the cost of living is vital for effective budgeting and financial planning. If you’re planning a move to Utah, here are some current statistics related to the cost of living in the state that could help you make up your mind.
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.
While 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.
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.
Utility costs 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 |
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.
Transportation costs 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.
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 circumstances. 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 |
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.
Taxation 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 circumstances 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.
Whether you’re retirement planning or considering relocating to chase a new career, Unbiased can assist you with your move's financial ins and outs. Find the right advisor for your needs today.
Senior Content Writer
Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.