House Affordability in Salt Lake City
Median home price: $530K · Property tax: 0.58% · Insurance: $1,100/yr
You can afford a home up to
$257,106
That's a 2-bedroom condo/townhome in Salt Lake City
Based on your $75,000 income with 20% down
Your $257,106 budget buys
Monthly payment breakdown
$1,750/mo
Home price
$257,106
Down payment
$51,421
Loan amount
$205,684
No PMI
Waived (20%+ down)
Estimates based on the 28/36 DTI guideline with Salt Lake City-specific property tax and insurance rates. Actual mortgage approval depends on credit score, employment history, and lender criteria.
Salt Lake City Housing Market Overview
Salt Lake City has seen rapid price growth driven by tech expansion and outdoor lifestyle appeal. Low property taxes and insurance keep monthly costs reasonable.
The median home price in Salt Lake City is $530,000, which is 29% above the national median of $412,000. Property taxes average 0.58% of assessed value, adding $256/month to housing costs.
Homeowners insurance averages $1,100/year ($92/month). Condos and townhomes typically carry HOA fees around $200/month.
What can you buy in Salt Lake City?
Typical price ranges by property type in Salt Lake City, UT (2024/2025 estimates).
| Property type | Price range | Down payment (20%) |
|---|---|---|
| 2-bedroom condo/townhome | $250K – $380K | $50K – $76K |
| 3-bedroom home | $380K – $560K | $76K – $112K |
| 4-bedroom home | $520K – $750K | $104K – $150K |
| 5+ bedroom home | $700K – $1.05M | $140K – $210K |
Sources: Zillow, Redfin, Realtor.com (2024/2025 estimates). Prices vary by neighborhood.
Income needed to buy in Salt Lake City
Minimum annual income to afford each property type at 28% DTI, 20% down, 6.75% rate.
| Property type | Midpoint price | Income needed |
|---|---|---|
| 2-bedroom condo/townhome | $315K | $80,502/yr |
| 3-bedroom home | $470K | $118,181/yr |
| 4-bedroom home | $635K | $158,291/yr |
| 5+ bedroom home | $875K | $216,633/yr |
Green = achievable at Salt Lake City's median household income of $87,000.
Cost of living context
The median household income in Salt Lake City is $87,000, which is 16% above the national median of $75,000.
At the median income, a household can afford roughly $342K using the 28% DTI rule — which falls short of the $530K median. Many buyers need dual incomes, a larger down payment, or lower price points.
FAQ
Can I afford a house in Salt Lake City on a $100,000 salary?
At $100K with 20% down and 6.75% interest, you can afford roughly $395K in Salt Lake City using the 28% DTI rule. The median home price is $530K, so you may need to look at lower price points or increase your down payment.
What income do I need to buy a house in Salt Lake City?
To afford the median price of $530K with 20% down at 6.75%, you need approximately $132,767/year (28% DTI). The median household income in Salt Lake City is $87,000, which is below what is needed.
What are property taxes like in Salt Lake City?
The average property tax rate is 0.58%, or $3,074/year on a median-priced home. This is below the national average of 1.2%.
What does a 4-bedroom home cost in Salt Lake City?
A typical 4-bedroom home costs between $520K and $750K, with the midpoint around $635K.
Is Salt Lake City affordable compared to other cities?
Salt Lake City's median price of $530K is 29% above the national median of $412K. Median household income is $87,000, 16% above the national median.
Other cities
- San Francisco, CA — median $1.35M
- New York City, NY — median $780K
- Los Angeles, CA — median $950K
- Chicago, IL — median $340K
Related tools
- Utah House Affordability — statewide data
- Utah Paycheck Calculator — calculate your take-home pay
- House Affordability Calculator — compare all cities
- Compare Job Offers — factor in housing costs