Salt Lake City, UT

Rent vs buy in Salt Lake City

Median home $478,200. A 1 bedrooms rents for $1,269 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,269; per month
Own the median home: $3,076; P&I, tax, insurance, upkeep
Owning costs extra: $1,807; per month, same metro

What a purchase actually costs

20% down payment$95,640
Mortgage at 6.5%$2,418
Property tax (0.55% of value)$219/mo · $2,630/yr
Insurance and upkeep (1.1%/yr)$438
Total monthly ownership$3,076

Census ACS 2023: 45.3% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,567 left over a month, it takes about 38 months (3.2 years) to save $95,640 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.