For those who love winter sports and other year-round outdoor recreation, it’s worthwhile to consider Salt Lake City as a potential home. An attractive destination, full of ski resorts and some of the “greatest snow on earth,” the city and its surrounding area provides mass appeal making it worth getting to know.
Even as you’re busy skiing in the winter and hiking through canyons and over mountains in the summer, you do still need to consider whether the cost of living in Salt Lake City will fit into your budget. At 8.4 percent above the national average, it’s one of the more expensive Utah cities, coming in slightly above Provo and almost 10 percent above Ogden.
Although most likely still affordable to most, here’s how the Salt Lake City cost of living breaks down by the most important necessities.
Housing costs in SLC
One of the biggest cost of living areas impacted by the influx in residents to Salt Lake City, Utah, is the real estate market. At 21.8 percent above the national average, prices have increased by almost 6 percent over last year.
The city’s housing costs, overall, are significantly higher than other Utah metros. They’re 10.6 percent above Provo and 25.3 percent above Cedar City. This puts specific apartment averages a little higher as well — a one-bedroom apartment averages around $1,440 per month, up 8 percent since last year, and a two-bedroom apartment averages $1,760 per month, up 5 percent.
Home prices are also on the rise, up 7.7 percent over last year. This increases the median sale price in Salt Lake City to $550,000.
Apartment hunting in Salt Lake City
There are a lot of options when it comes to finding an apartment in the best neighborhoods in Salt Lake City.
People’s Freeway is a popular area just south of Downtown for renters. A one-bedroom apartment in this laidback neighborhood averages out at $2,032 per month. Also attractive, Downtown Salt Lake gives you that urban feel with ample bars, restaurants and parks. Living here though costs you an average of around $1,900 per month for a one bed.
To stick more closely to the citywide average price, consider looking for rentals in Glendale. This neighborhood isn’t far from Downtown, and a one-bedroom rental here averages out at $1,444 per month.
Food costs in Salt Lake City
This city boasts a lot of diversity when it comes to food, offering up a variety of cuisines both in restaurants and at local grocery stores and global markets. Some of the city’s signature items though include fry sauce, the signature condiment of the city, and pastrami burgers. You’ll also get amazing honey from here. Utah is after all, the Beehive State.
Overall, the cost of living here when it comes to groceries is 3.5 percent above the national average. This is less than a one percent increase over last year, which hopefully means food prices haven’t seen too big of a price hike.
As it stands, you can expect to pay around $4.91 for a pound of ground beef and $2.13 for a dozen eggs. If you’re a coffee drinker, grocery store prices come out to about $5.35, while those who love orange juice in the morning will most likely shell out $4.67 for a container. Many of these prices sit on the higher side when compared with other Utah cities.
Utility costs
The only piece to your cost of living puzzle that’s below average are utilities. In Salt Lake City, they’re 6.4 percent below the national average. This is good news since you’ll most likely run your heater pretty hard once it gets cold. It’s common to see temperatures get below freezing for most of the winter.
Averages are also low enough to knock Salt Lake City out of the most expensive Utah city in this category. It’s still on the high end, but you’ll pay more in Cedar City, where costs are 2.1 percent below the national average.
When it comes to your monthly power bills, these averages mean you can expect to pay about $151 per month in utilities in Salt Lake City, and $166 per month in Cedar City.
Transportation costs
Transportation costs in SLC are 13.1 percent above the national average. This means that potentially the best way to save a little on this particular cost of living piece is to mix things up.
If you need to get around by car, remember to take into account the cost of parking. Salt Lake City has meters that average around $2 per hour. There are also plenty of parking garages that vary in cost.
If you’re able to tap into public transportation, TRAX, an electric light rail system, runs three different lines to get you where you need to go. There are the blue, red and green lines moving through 50 stations, including the airport. The city is also part of a comprehensive bus system with more than 120 routes. Seasonal ski service is another form of public transportation you can take advantage of from November/December through March/April.
Fares include the local bus, TRAX and the city’s streetcar. A one-way fare is $2.50, and a day pass is $5. It’s $85 to purchase a monthly pass.
When the weather is nice, you can save on transportation by taking advantage of the fresh air and going about on foot or by bike. Salt Lake City boasts a 67 walk score and a 73 bike score.
Healthcare costs
Paying for healthcare is never an easy line item in your budget. Costs can vary greatly between people based on your own health needs, prescription costs and history. Although the city itself has healthcare costs that are 2.1 percent above the national average, what you pay out-of-pocket won’t always align with averages.
Salt Lake City healthcare costs are the highest in Utah by a significant amount. Most other major cities are below the national average, with the lowest being Cedar City at 10.1 percent below. Even Provo, the closest city in price to Salt Lake, is still 6.5 percent lower than the national average.
This may impact what you pay when you go see your doctor, although this cost is highly dependent on your insurance coverage. If you don’t have insurance though, expect to spend, on average, $121.40 at the doctor, $94.80 at the dentist and $114.19 when seeing the eye doctor. The average spend in prescription medications, without insurance, reaches up to $510.44.
Goods and services costs
The cost of living in Salt Lake City has many moving parts, but one of the best ones is anything in the goods and services category. These are all the extras you work into your monthly budget. Both fun and functional, it’s what you hope to get to do each month, but are also often willing to cut if money gets tight.
Overall, goods and services in Salt Lake City are 2.2 percent above the national average. This is a 2.2 percent decrease over last year. That’s good news, and may mean prices for things like a movie ticket ($12.95), a haircut ($19.40) or even a bottle of wine ($8.99) are going down.
Taxes
When it comes to budgeting for shopping, it’s good to know that Salt Lake City has a 7.75 percent sales tax rate. That means for every $1,000 you spend on furnishing your new apartment, for example, $77.50 will go straight to taxes.
This rate is calculated by combining the 4.85 percent statewide rate with a county tax, city tax and special tax.
Taxes will hit you again when it’s time to file your annual return, however, the state of Utah has a standard income tax rate of 4.85 percent. You pay this no matter your income.
How much do I need to earn to live in Salt Lake City
Setting aside 30 percent of your gross income is one of the best ways to budget for rent. If you align your estimated monthly costs with this number, you should still be able to afford all the other pieces that make up the cost of living in Salt Lake City.
Working backward, if the average one-bedroom apartment here is $1,475, you’d need to earn at least $57,960 a year to make the 30 percent rule work.
This is good news for many residents, where, the median household income is $63,156, slightly higher than what you’d need.
To best figure out how much you can afford in rent, check out our rent calculator to see what you have to work with.
Free things to do in SLC
Being a state capital, the first free activities that come to mind include touring the Utah State Capitol and the Governor’s Mansion. While you can tour the capitol building any day it’s open, the Governor’s Mansion only has tours on the first Wednesday of every month, from 2 to 4 p.m.
The scenic backdrops around Salt Lake City make the parks all over town another freebie that’s extra special. Some favorites to check out include:
- Sugar House Park, the largest park in Salt Lake at 110 acres
- Liberty Park, one of the shadiest parks in the city
- Memory Grove Park, with its Liberty Bell replica
- Canyon Rim Park, a popular festival location
Other popular spots in Salt Lake that are also easy on the wallet include the Clark Planetarium. Admission to the exhibits is always free, though you will have to buy tickets if you’re going to see a special film. For a free annual event, check out the Living Traditions Festival each May. This special event celebrates the city’s diverse ethnic communities and traditions.
Living in Salt Lake City
There are so many good reasons leading people to flock to this beautiful Utah city; what will yours be? From its proximity to the mountains and many national parks to its unique culture and young, vibrant vibes, there’s something for everyone here. It’s no wonder Salt Lake is one of the best cities in Utah.
So, if you’re craving a little snow, with plenty of skiing, and want to live in a fun spot that continues to grow and thrive, it’s time to start planning your move to Salt Lake City today.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of November 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Source: rent.com