Total monthly cost of ownership
Cost to Own a Home in Murray, Utah
A $470,000 home here costs
$3,429per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $147,000 a year.
A standard mortgage calculator would have told you $2,603. The real number is $825 higher every month, 32% more than the payment most buyers budget for.
Compare Salt Lake County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Murray against Salt Lake County and Utah
| Measure | Murray | Salt Lake County |
|---|---|---|
| Median home value | $470,200 | $484,500 |
| Median property tax | $2,323 | $2,726 |
| Effective tax rate | 0.494% | 0.563% |
| Median gross rent | $1,447 | $1,493 |
| Population | 49,904 | 1,184,689 |
The weather behind that power bill
Murray sits in Salt Lake County, which averages a high of 94.0°F in its hottest month and a low of 24.2°F in its coldest, with 15.52" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 1,420 cooling and 5,154 heating degree days, which is what sets the $102 electricity line above.
See the full climate breakdown for Salt Lake County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Salt Lake County
Talk to someone who works this market
These are Murray 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 Murray every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Murray I already own here and may sell
Common questions
How much does it cost to own a home in Murray?
A $470,000 home in Murray, Utah costs approximately $3,429 per month with 20% down at 7.4%. That is $2,603 principal and interest, $193 property tax, $71 homeowners insurance, $170 utilities and $392 set aside for maintenance.
What is the property tax rate in Murray?
Murray has an effective property tax rate of 0.494%, based on a median home value of $470,200 and median real estate taxes of $2,323. That is lower than the Salt Lake County average of 0.563%.
What is the average home price in Murray?
The median owner-occupied home value in Murray, Utah is $470,200, against $484,500 across Salt Lake County.
Is it cheaper to rent or buy in Murray?
Median gross rent in Murray is $1,447 a month, against $3,429 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Murray?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Murray, Utah at today's rate takes a household income of roughly $147,000 a year. That covers the full $3,429 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Murray, 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.