Total monthly cost of ownership
Cost to Own a Home in Lake Point, Utah
A $566,000 home here costs
$4,072per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $174,500 a year.
A standard mortgage calculator would have told you $3,086. The real number is $987 higher every month, 32% more than the payment most buyers budget for.
Compare Tooele County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lake Point from a five-year rolling sample, and with about 2,938 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Tooele County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lake Point against Tooele County and Utah
| Measure | Lake Point | Tooele County |
|---|---|---|
| Median home value | $566,200 | $391,300 |
| Median property tax | $3,108 | $2,303 |
| Effective tax rate | 0.549% | 0.589% |
| Median gross rent | — | $1,134 |
| Population | 2,938 | 76,648 |
The weather behind that power bill
Lake Point sits in Tooele County, which averages a high of 96.8°F in its hottest month and a low of 19.4°F in its coldest, with 6.36" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,465 cooling and 5,257 heating degree days, which is what sets the $103 electricity line above.
See the full climate breakdown for Tooele County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Tooele County
Talk to someone who works this market
These are Lake Point averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Lake Point every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake Point I already own here and may sell
Common questions
How much does it cost to own a home in Lake Point?
A $566,000 home in Lake Point, Utah costs approximately $4,072 per month with 20% down at 7.24%. That is $3,086 principal and interest, $259 property tax, $85 homeowners insurance, $171 utilities and $472 set aside for maintenance.
What is the property tax rate in Lake Point?
Lake Point has an effective property tax rate of 0.549%, based on a median home value of $566,200 and median real estate taxes of $3,108. That is lower than the Tooele County average of 0.589%.
What is the average home price in Lake Point?
The median owner-occupied home value in Lake Point, Utah is $566,200, against $391,300 across Tooele County.
Is it cheaper to rent or buy in Lake Point?
Rent data is not published for Lake Point at this level of detail.
What salary do you need to buy a home in Lake Point?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake Point, Utah at today's rate takes a household income of roughly $174,500 a year. That covers the full $4,072 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake Point, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Utah.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.