Home Affordability in Salt Lake City, UT
The median home price in Salt Lake City is $520,000 with a median household income of $62,027. Housing is significantly stretched relative to local incomes.
Median Home Price
$520,000
Median Income
$62,027
Price-to-Income Ratio
8.4x
Est. Affordable Home
$241,000
Property Tax Rate
0.57%
Annual Property Tax
$2,964
Sales Tax Rate
7.35%
Cost of Living Index
110
Buying a Home in Salt Lake City
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $62,027 in Salt Lake City can afford a monthly housing payment of approximately $1,447. This translates to a home price of roughly $241,000, which is below the median home price of $520,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Salt Lake City would be approximately $2,964 per year ($247/month) at the effective rate of 0.57%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $15,600 | $504,400 | Yes |
| 5% | $26,000 | $494,000 | Yes |
| 10% | $52,000 | $468,000 | Yes |
| 20% | $104,000 | $416,000 | No |
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