Cost of Living in North Salt Lake, UT

An Overview of Cost of Living in North Salt Lake, UT

Are you thinking about relocating, but curious about the potential cost of living in North Salt Lake? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in North Salt Lake stands at 123, making it 23% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in North Salt Lake is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, North Salt Lake falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a major factor in the North Salt Lake cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 68.3% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is North Salt Lake Affordable?

Is North Salt Lake affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take North Salt Lake, for instance, where the median home price falls 83.2% higher than the national average, and monthly rent rates are 33.6% higher than usual. Additionally, median income levels contribute to the equation, with North Salt Lake flaunting a median household income of $80,064, 44.7% higher than the national norm.

What Factors can Influence the Cost of Living in North Salt Lake?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In North Salt Lake, the healthcare costs are 3.8% lower than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In North Salt Lake, the transportation index is 10% higher than the national average.

Where is the Data From?

The North Salt Lake cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.