Rent vs buy in Salt Lake City, UT
In Salt Lake City, Utah, the typical rent is $1,571 /mo and the typical home costs $568,970.
Renting comes out ahead by $83k over 7 years
Based on Salt Lake City's usual rent and home value, plus 20% down and today's mortgage rate. The break-even point arrives in year 20.
Clearly labeled opinion, with the math shown. Estimates, not quotes. Adjust a number, and the stamp updates.
- Renting leads by
- $83k after 7 years
- Break-even point
- In year 20 when owning catches up
- Full cost of owning
- $4,694 each month year 1, against $1,571 rent
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Is it cheaper to rent or buy in Salt Lake City?
Over 7 years, renting costs $83,423 less once you include the money you get back when you sell. For the first 19 years, renting costs less. By year 20, owning catches up.
Rent. Cost of owning. Net cost to date, shown by year.
Salt Lake City's average rent compared with its mortgage payment
Rent and mortgage payments don't show the whole picture. Here are all monthly costs for year 1, using Salt Lake City's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,571 | All of it, every month |
| Mortgage payment | $3,102 | $2,734 of it is interest in year 1 |
| Property tax | $242 | 0.51% of the value a year |
| Insurance | $82 | Census median for the city |
| Upkeep | $474 | 1% of the value a year |
| Owning, cash out | $3,900 | $368 of it builds equity |
| Lost return on the down payment | $925 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $237 | 3.5% of the price over 7 years |
| True cost of owning | $4,694 | Cash out after subtracting the equity share, with the two earlier entries added |
The numbers behind the verdict in Salt Lake City
- Typical home valueZillow ZHVI, September 2026
- $568,970
- Typical rentZillow ZORI, September 2026
- $1,571 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Utah, 1995 to 2025
- 5.1% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Salt Lake City
- 0.51% of value
- Home insuranceCensus ACS 2020-2024, Salt Lake City
- $82 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would turn this around in Salt Lake City?
Each line shows when the 7-year Salt Lake City verdict changes. Everything else stays as it is.
Renting comes out ahead when
- The annual growth rate for home prices is below 6.7% (our calculation uses 5.1%, Utah's long-run rate).
- Mortgage rates stay above 4.62%
- For a similar home, monthly rent is below $2,460 (typical here: $1,571).
- Before year 20, you move.
Buying comes out ahead when
- Home prices grow by more than 6.7% a year.
- You lock the mortgage rate below 4.62%; today’s rate is 7.24%.
- The same home would cost more than $2,460 monthly to rent
- Your time there lasts 20 years or longer
How Salt Lake City compares with the other 812 cities
| Measure | Salt Lake City | Median city |
|---|---|---|
| Typical home value | $568,970 | $422,451 |
| Typical rent | $1,571 /mo | $1,837 /mo |
| Price-to-rent ratio | 30.2 (#66 of 813) | 18.5 |
| Home prices, last 10 years | 7% a year | 6.2% a year |
| Rents, last 5 years | 2.6% a year | 4% a year |
| Property tax | 0.51% | 0.87% |
| Households that rent | 54% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities across Utah
- Rent. West Valley City, UT. Renting comes out ahead by $39k.
- Rent. West Jordan, UT. Renting comes out ahead by $65k.
- Rent. Provo, UT. Renting comes out ahead by $47k.
- Rent. St. George, UT. Renting comes out ahead by $37k.
- Rent. Orem, UT. Renting comes out ahead by $57k.
- Rent. Lehi, UT. Renting comes out ahead by $22k.
- Rent. Sandy, UT. Renting comes out ahead by $104k.
- Rent. Ogden, UT. Renting comes out ahead by $41k.
- Rent. South Jordan, UT. Renting comes out ahead by $67k.
- Rent. Layton, UT. Renting comes out ahead by $58k.
- Rent. Millcreek, UT. Renting comes out ahead by $116k.
- Renting leads by $68k in Herriman, UT.