How Much House Can I Afford in Utah?
Median Home Price
$480,000
Median Household Income
$85,000
Avg Property Tax Rate
0.52%
Avg Insurance/mo
$92
Utah has one of the fastest-growing populations in the US, driven by a booming tech sector (Salt Lake City is nicknamed the Silicon Slopes), strong family formation rates, and internal migration from California and other western states. The Salt Lake City metro (Salt Lake County and Utah County) has seen dramatic price appreciation, with median prices rising from $350,000 in 2019 to $480,000+ statewide today. Desirable Salt Lake suburbs (South Jordan, Draper, Herriman, Lehi) often exceed $550,000–$650,000.
Utah's saving grace is its very low property tax rate of 0.52% and extremely affordable homeowners insurance averaging around $1,100/year ($92/month). On a $480,000 home, property taxes run only $2,496/year or $208/month — dramatically lower than states like Texas or Illinois. This low carrying cost helps offset the high purchase prices to some degree.
Provo-Orem (Utah County) is a significant market driven by Brigham Young University, tech industry growth, and the strong family formation of the area's young demographic. Utah County prices are often comparable to Salt Lake County, with medians around $450,000–$500,000 in desirable areas.
Utah Housing Corporation (UHC) offers several programs for first-time and repeat buyers including the Score Loan with down payment assistance and the FirstHome program with competitive rates. The HomeAgain program serves repeat buyers who need affordability assistance. Income and purchase price limits apply.
Utah has a very low property tax rate (0.52%) and affordable insurance — but home prices are high.
Salt Lake City metro is the primary market; Provo-Orem is a fast-growing tech hub.
Utah Housing Corporation offers down payment assistance for first-time and repeat buyers.
Strong population growth from tech industry and family formation pressure continues to drive demand.
Income
Monthly Debts
Down Payment
warningPMI applies — put 20% down to eliminate it
DTI Guideline
Front 30% / Back 40%
You can afford up to
—
$2,500/month total payment
Constrained by front-end DTI
Budget Range
Conservative → AggressiveDebt-to-Income Ratios
Front-end DTI (housing)
Back-end DTI (all debts)
Monthly Payment Breakdown
Scenario Comparison
Ways to Increase Your Budget
Adding $10K to your down payment could increase your budget by $9K.
+$9KA 0.5% lower rate could expand your budget by $14K.
+$14KYou're paying $207/mo in PMI. Reaching 20% down eliminates this cost.
Know your target home price?
arrow_forwardSee full amortization scheduleDisclaimer: These estimates are for educational purposes only. Actual loan qualification depends on your credit score, lender guidelines, and local market conditions. Consult a licensed mortgage professional before making any financial decisions.