Cost of Living in Lake Shore, UT

With a cost of living index of 122, Lake Shore, UT is a notably expensive place to live. Living here is 22% more expensive than the national average and 15% above the Utah state average of 108. Lake Shore is a small community of 1,242 residents.

Housing costs are the biggest factor in Lake Shore's cost of living. The median monthly rent is $1,119 (15% below the US median of $1,319), and the median home value sits at $671,400 (120% above the national median of $304,900). At current prices, the median home costs roughly 6.9x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Lake Shore is $97,357, which is 30% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Everyday prices in the Provo-Orem-Lehi, UT (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.