Cost of Living in Salt Lake City, UT

With a cost of living index of 115, Salt Lake City, UT is a notably expensive place to live. Living here is 15% more expensive than the national average and 8% above the Utah state average of 108. As a major city with a population of 203,888, Salt Lake City offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Salt Lake City's cost of living. The median monthly rent is $1,343 (2% above the US median of $1,319), and the median home value sits at $495,700 (63% above the national median of $304,900). At current prices, the median home costs roughly 6.6x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Salt Lake City is $74,925, which is 0% higher than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Salt Lake City-Murray, 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.