Total monthly cost of ownership
Cost to Own a Home in South Salt Lake, Utah
A $390,000 home here costs
$2,868per 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 $123,000 a year.
A standard mortgage calculator would have told you $2,126. The real number is $742 higher every month, 35% 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.
South Salt Lake against Salt Lake County and Utah
| Measure | South Salt Lake | Salt Lake County |
|---|---|---|
| Median home value | $390,400 | $484,500 |
| Median property tax | $2,251 | $2,726 |
| Effective tax rate | 0.577% | 0.563% |
| Median gross rent | $1,329 | $1,493 |
| Population | 26,277 | 1,184,689 |
The weather behind that power bill
South Salt Lake 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 $103 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 South Salt Lake 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 South Salt Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in South Salt Lake I already own here and may sell
Common questions
How much does it cost to own a home in South Salt Lake?
A $390,000 home in South Salt Lake, Utah costs approximately $2,868 per month with 20% down at 7.24%. That is $2,126 principal and interest, $188 property tax, $59 homeowners insurance, $171 utilities and $325 set aside for maintenance.
What is the property tax rate in South Salt Lake?
South Salt Lake has an effective property tax rate of 0.577%, based on a median home value of $390,400 and median real estate taxes of $2,251. That is higher than the Salt Lake County average of 0.563%.
What is the average home price in South Salt Lake?
The median owner-occupied home value in South Salt Lake, Utah is $390,400, against $484,500 across Salt Lake County.
Is it cheaper to rent or buy in South Salt Lake?
Median gross rent in South Salt Lake is $1,329 a month, against $2,868 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 South Salt Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in South Salt Lake, Utah at today's rate takes a household income of roughly $123,000 a year. That covers the full $2,868 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for South Salt Lake, 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.