If you are thinking about relocating to Utah, the guide below will compare the costs of living in Utah to several States.
Utah is an outdoor lover’s dream, being home to lush forests, dramatic deserts, the perfect snow for skiing, and a smorgasbord of attractions that bring people together. But, what really makes this state special is the fact that it’s an economic powerhouse, with industries that range from manufacturing and agriculture to information technology and finance.
Utah is one of the few states that continues to enjoy a low unemployment rate, property taxes are low, sales taxes are reasonable and buying your first home in Utah is simpler than ever thanks to favorable financing options.
So if you’re thinking of moving to Utah but want to know how it compares to your state, you’ve come to your place. After all, comparing states against one another can provide important insight for anyone looking for a new lease on life. Keep reading below for the complete Costs of Living in Utah (vs your State) Ultimate Guide.
Cost of Living in Utah vs California
Utah’s cost of living index is just over 100, while California’s is the third highest in the country at 149.9. In the beehive state’s most popular cities, the most rent you’ll pay for a 2 bedroom unit is $1,700 while the average cost of renting two bedrooms is almost $2,500 in California. Those hoping for a big break in Los Angeles’ showbiz might not mind spending that much, but would you?
Nobody pays more for gas than Californians do, which is why the state has a transportation index that’s through the roof, meaning that the state has one of the highest number of vehicles in the country. The median cost of a new home in Salt Lake City, Utah is $565,021 while a new home in Los Angeles, California will set you back $902, 000.
If you look at taxes and the like, you’ll find that Utah is also more financially friendly in that regard. Since California is what you’d refer to as a high-income state, the government assumes that most of the residents are financially thriving and taxes them accordingly.
Cost of Living in Utah vs Arizona
The poverty rate is a good indicator of how expensive life is in a certain region. Arizona’s poverty rate is higher than the national average of 12.3 percent, nearly a whole percentage higher actually. On the other hand, Utah’s poverty rate sits at 8.8 percent. Basically, this means that groceries are more expensive in Arizona, housing costs more, and even utilities are harder to deal with in the Grand Canyon State.
Arizona’s growth rate is at 1.63%, which is no match for Utah’s 2.5 percent. Electricity costs just over $160 a month in Phoenix, Arizona, which is more than double the average electric bill in Utah. So, if you’re looking for more affordability and a better quality of life, Utah is just a better option for you.
Cost of Living in Utah vs Florida
More fruits are produced in Florida than in any other state, but groceries prices are still really steep over there. In Miami, groceries are more expensive than the average, whereas the average Utah resident spends just over $300 a month on groceries, landing the state in the top five list of reasonably-priced grocery shopping states.
Transportation doesn’t come cheap either in the sunshine state. Florida people are drivers, and auto insurance can come at a hefty price. Utah even has better deals when it comes to housing, with a housing index that’s a couple of points below Florida. The index for transportation is higher in Florida than it is in Utah at 101.
Cost of Living in Utah vs Hawaii
Nowhere in America are living costs higher than in Hawaii. In fact, it’s nearly twice as high as the U.S average. The place is surrounded by the ocean, so you can imagine how expensive it is to get goods there. The excise tax of 4% can be quite cumbersome on families that aren’t so well off, as they pretty much have a covert levy added onto almost everything they consume.
When it comes to housing, a two-bedroom in Hawaii will typically set you back $2,700 while Utah’s average is well below $2,000. Hawaii’s housing index is extremely high when compared to the one In Utah or any other state. Hawaii’s housing index of 313 is just about three times as much as any other state. Just for perspective, Utah’s housing index is at 97.6. Perhaps this is why Salt Lake City, Utah is one of the best places to retire in America.
In Hawaii, things can cost as much as 30% more than they do in Utah. At the beginning of 2021, the average price for a home in Hawaii was just under $900,000, which is a lot even for Utah. Also, Hawaii doesn’t have as much land as Utah, which means competition for space is high. What’s more, not all land is zoned for housing in the first place, so you can imagine how valuable land is in Hawaii.
Cost of Living in Utah vs Oregon
Oregon is one of the top five costliest states to live in. It’s one of the most expensive states to buy gas in America too, with a transportation index recorded as being much higher than Utah’s. While the price of renting a two-bedroom unit is lower than the national median, what makes the overall living cost higher over there are the daily purchases of hiked food and fuel.
The median home cost in Oregon’s Portland is more than $10,000, way more than it costs in Salt Lake City. You also get more out of your money in Utah, as one Dollar is worth $1.03, yet it’s only worth exactly $1 in the state of Oregon. The median monthly rent is $1,700 in Oregon and in Utah, it’s just about $1,500. Utah has one of the most affordable electricity rates, with the average bill at $74. In Oregon, the typical electric bill will be just over $100.
Cost of Living in Utah vs Colorado
Living in Salt Lake City is almost 15% cheaper than living in Denver. Everything from personal care to clothes will take more from your income in Denver than in Salt Lake City. Food is almost 5 percent cheaper, housing is 18% more affordable, and transport is nearly 20% less in Salt Lake City.
Monthly household expenses usually amount to up to $2,100 in Colorado households. In Utah, the average money spent by households on regular expenses is $1,800. The cost of living in Colorado is higher than more than half of all the states in the country. In Utah, it’s 2% lower than the national median. Colorado also dishes out some serious tax demands compared to Utah.
Costs of Living in Utah vs Texas
The employment rates in Texas give the ones in Utah a run for their money, the business environment is something to contend with as well. Be that as it may, it still ranks 15th when it comes to the list of best economies in the U.S.
Texas is estimated to be up to be more than 1.5% more expensive to live in than Utah. Childcare is 7.5% more expensive in Texas, and sports and entertainment eat more out of your pocket than they do in Utah. Even groceries go for more in the Lone Star State, with milk being 10% more expensive and local cheese 6.5% pricier in Texas.
Utah is ranked tenth in innovation potential, which is no surprise considering all the tech startups in Salt Lake City. Texas, on the other hand, came in 22nd. While the land of cowboys made it to 10th place for economic activity, we know that Utah is in fact the most economically active state in the country.
You’re likely to get a two-bedroom apartment for $1,304 in Dallas, Texas. The average rent for Salt Lake City, however, is as low as $1,265.
As you can see, you can’t beat the price of living in Utah. It’s a great place for families, young adults and retirees alike. Whether it’s job growth, housing opportunities or economic stability, Utah ranks first in all categories.
Of course, there are many other reasons to live in Utah besides that, such as the fact that it’s one of the most beautiful states. No matter where you are Utah, you always have the amazing view of the mountains at your beck and call.and if you want to camp, bike, ride a motorcycle, golf, or ski-it’s all available to you.
Are you ready to take the leap? Find your new home in Utah and discover what it’s like to live in the friendliest state in the country!