The rule stipulates you should spend no more than 30% of your gross income on rent. To live comfortably in a one-bedroom apartment, you should shoot for an income of at least $62,496 a year or $30.45 an hour. For a two-bedroom apartment, you’ll need to earn at least $82,836 a year or $39.83 per hour.
Contents
How much does it cost to live comfortably in Salt Lake City?
Salt Lake City cost of living is 118.9
| COST OF LIVING | Salt Lake City | Utah |
|---|---|---|
| Housing | 169.6 | 146.3 |
| Median Home Cost | $523,400 | $458,900 |
| Utilities | 94.1 | 94.6 |
| Transportation | 93.4 | 91.2 |
What is a livable salary in Utah?
Living Wage Calculation for Salt Lake County, Utah
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $15.11 | $33.15 |
| Poverty Wage | $6.13 | $12.60 |
| Minimum Wage | $7.25 | $7.25 |
What is a good salary in Salt Lake City?
Income and Salaries for Salt Lake City
– The average income of a Salt Lake City resident is $28,428 a year. The US average is $28,555 a year. – The Median household income of a Salt Lake City resident is $45,833 a year.
Is it expensive to live in Salt Lake City?
Salt Lake City’s housing expenses are 8% lower than the national average and the utility prices are 22% lower than the national average. Transportation expenses like bus fares and gas prices are 7% higher than the national average. Salt Lake City has grocery prices that are 2% lower than the national average.
Is it cheaper to live in Utah or Arizona?
Cost of Living Comparison Between Phoenix, AZ and Salt Lake City, UT. You would need around 4,395.92$ in Salt Lake City, UT to maintain the same standard of life that you can have with 4,700.00$ in Phoenix, AZ (assuming you rent in both cities).
How cheap is Utah?
An amount below 100 means Utah is cheaper than the US average. A cost of living index above 100 means Utah, Utah is more expensive.
Utah cost of living is 110.8.
| COST OF LIVING | Utah | United States |
|---|---|---|
| Health | 102.7 | 100 |
| Housing | 146.3 | 100 |
| Median Home Cost | $458,900 | $291,700 |
| Utilities | 94.6 | 100 |
What is the richest city in Utah?
Highland City
According to the report, the wealthiest city in Utah is Highland City. Here are some Highland City statistics: Median household income: $139,453 (103% more than U.S. median income) Households earning over $200,000: 1,030 (23.4% of households)
Is Salt Lake City a good city to live in?
Salt Lake City received a 7.1 overall ranking (out of 10), with a 6.9 ranking in quality of life and a 6.9 ranking in the job market. Desirability to live in Utah also ranked high at 7.3, according to U.S. News and World Report.
Is living in Salt Lake City affordable?
Currently the cost of living in Salt Lake City is indexed at 92.4 which is less than the average across the United States. This means it is relatively cheaper to live in Salt Lake City than most cities across the US. Find out from the locals how much groceries are, average rent/mortgages, property expenses, taxes, etc.
Why are Utah homes so expensive?
Utah Foundation researched that question, and Senior Research Analyst Christopher Collard said it’s more the result of people from Utah who didn’t leave.Turns out Utah’s strong economy over many years is responsible for the long-term growth in housing prices.
How much does it cost to live in Salt Lake City per month?
Summary about cost of living in Salt Lake City, UT, United States: Family of four estimated monthly costs are 3,093$ without rent. A single person estimated monthly costs are 867$ without rent.
How does Salt Lake City make money?
The economy of Salt Lake City, Utah is primarily service-oriented. While nearby Bingham Canyon Mine (the world’s largest open-pit mine) provided a strong source of income during the 19th century, the city has evolved to an economy built on transit hubs, call centers, and seasonal tourism.
Is Salt Lake City Booming?
With its population surging 18.4 percent over the past decade to 3.28 million people, according to the US Census Bureau, Utah is now the fastest-growing place in the nation.
Is Utah cheaper than California?
Overall, the cost of living in California is 32.3% more than Utah. Almost everything will cost more in the Pacific State, which means saving money is always going to be difficult, even though the state’s average income is higher.
How much does it cost to live in Utah per month?
Rent is around $1,003 a month for a two-bedroom. On average, rent for a three-bedroom home in Utah is $1,332, while the average rent across the United States for a three-bedroom is $1,537. A four-bedroom home in the United States goes for just under $1,800 a month, and in Utah, a four-bedroom home rent is $1,563.
Is Salt Lake City cheaper than Phoenix?
Phoenix is 12.8% less expensive than Salt Lake City. Phoenix housing costs are 39.0% less expensive than Salt Lake City housing costs. Health related expenses are 9.1% less in Phoenix.
How much do jobs in Utah pay?
While ZipRecruiter is seeing salaries as high as $125,763 and as low as $18,957, the majority of salaries within the Average jobs category currently range between $45,773 (25th percentile) to $68,429 (75th percentile) with top earners (90th percentile) making $83,225 annually in Utah.
Is Phoenix bigger than Salt Lake City?
SLC is much smaller. Phoenix’s metro population alone is larger than the state of Utah.
Is it more expensive to live in Utah or Texas?
Comparison Highlights
| Cost of Living Indexes | Dallas, TX | Salt Lake City, UT |
|---|---|---|
| Overall Index: Homeowner, No Child care, Taxes Not Considered | 101 | 122 |
| Food & Groceries | 99.1 | 95.8 |
| Housing (Homeowner) | 92.9 | 169.6 |
| Median Home Cost | $259,800 | $523,400 |
Is Florida cheaper than Utah?
Florida is 9.8% more expensive than Utah.
