Total monthly cost of ownership
Cost to Own a Home in Murray, Utah
A $470,000 home here costs
$3,256per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,416. The real number is $840 higher every month — 35% more than the payment most buyers budget for.
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 $117 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
Common questions
How much does it cost to own a home in Murray?
A $470,000 home in Murray, Utah costs approximately $3,256 per month with 20% down at 6.66%. That is $2,416 principal and interest, $193 property tax, $71 homeowners insurance, $185 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 $3,256 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.