Cost of Living in Palmyra, UT

With a cost of living index of 127, Palmyra, UT is a notably expensive place to live. Living here is 27% more expensive than the national average and 19% above the Utah state average of 108. Palmyra is a small community of 346 residents.

Housing costs are the biggest factor in Palmyra's cost of living. The median monthly rent is $1,500 (14% above the US median of $1,319), and the median home value sits at $583,300 (91% above the national median of $304,900). At current prices, the median home costs roughly 6.3x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Palmyra is $92,857, which is 24% higher than the national median of $75,149. Residents spend roughly 19% 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 do not fully 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.