According to the most recent United States Census survey, the state of Utah had the fastest-growing population in 2020 across the country. Since just last year, Utah’s population growth is up 15.5%, bringing the Beehive State up to the 30th most populous state in America.

It’s no coincidence that the state’s capital and largest city, Salt Lake City, has seen a large portion of those new residents relocating to Utah move in here. With such a diverse population, amazing access to amenities, wide variety of living spaces, and active, outdoor lifestyle, there’s a lot Salt Lake City has to offer.

However, moving to a new city always comes with its own question marks, perhaps the most common surrounding the cost of living. So, whether a move to Utah’s capital is on your horizon or you’re just curious about the lifestyle, this post is all about the cost of living in Salt Lake City.

 

Buying A Home

Looking for homes in Salt Lake City at the moment might seem a little daunting to some — particularly first-time buyers — as our local real estate market has seen enormous amounts of activity over the past year or so.

Just as most housing markets acted in early 2020, Salt Lake City’s started to boom. According to our most recent Utah Housing Market Update, housing prices in Salt Lake City are still climbing to all-time highs.

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However, one of the most appealing aspects of living in a metropolitan area as developed as Salt Lake City’s is that there’s a wide variety of housing options available at many different entry points.

Want to see the latest properties for sale in Salt Lake City? Visit our Featured Listings page here!

While detached single family homes in the heart of the city might be selling for upwards of the $1 Million mark, there are still many fantastic smaller homes, townhouses, and condos to be had for under $500,000 too.

 

Renting A Home

If buying a home still seems a little bit out of reach at the moment, you’ll take solace in knowing that the property rental market is still quite palatable. According to the most up-to-date statistics from RentCafe, the average rent costs for an 832 square-foot apartment in Salt Lake City comes in at about $1,289.

Depending on which Salt Lake City community you prefer to live in, that cost might go up or down. If you’re looking for rentals in the perennially coveted neighborhood of Sugar House, expect to pay a little bit more for direct access to some of SLC’s most charming amenities.

Or, if you’re open to living a little further away from most of the action, getting ahead of the curve and securing a rental in the neighborhood of Holladay would make for a wise long-term lifestyle investment.

 

Getting Around

While Salt Lake City is considered a primarily driving city, you don’t need to worry too much about getting around if you don’t have a car. When it comes to cutting down on the cost of living in Salt Lake City, taking public transportation is a great way to avoid paying for gas, insurance, and a parking space for your vehicle.

Whether you want to take a day trip out to one of the many spectacular surrounding mountains or just simply get from one end of the city to the other, there’s a Utah Transit Authority service to help you get where you’re going.

 

Some Common Hobbies

Many tourists flock to Salt Lake City every year to take advantage of the multiple natural amenities we have just a few minutes’ drive away from Salt Lake City International Airport. So, if you plan on moving here, you can feel great about living so close to so many fun outdoor activities.

While we know not everyone in Salt Lake City is as into active outdoor hobbies as we are, the majority of people here tend to like spending time outdoors.

 

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Learn about some of our favorite outdoor hobbies that will keep you active year-round in Salt Lake City on some of our other blog posts here, including:

• Our Top 4 Ski Resorts Near Salt Lake City Utah
• The Top Four Mountain Bike Trails Near Salt Lake City, Utah
• Our Favorite Spots for White Water Rafting Near Salt Lake City
• 4 Things to Do in Utah’s Zion National Park

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So, if you’re looking to immerse yourself in the full Salt Lake City experience, perhaps factoring in the cost of a few essential pieces of outdoor activity equipment is something you might want to consider.

No matter what your budget or lifestyle is like, moving to the welcoming community of Salt Lake City is possible for anyone — with the right help, of course. As local real estate experts, we regularly help newcomers move to Salt Lake City and can help you too. Learn more about how we can help you relocate to Salt Lake City here.