Utah Cost Of Living Statistics


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Utah Cost Of Living Statistics 2023: Facts about Cost Of Living in Utah reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Utah Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start an Utah LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Utah Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Utah Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Utah Cost Of Living Statistics on this page 🙂

Utah Cost Of Living “Latest” Statistics

  • Families that aren’t financially secure may find the 4% excise tax to be particularly burdensome since it essentially adds a hidden cost to practically everything they buy.[1]
  • According to US official statistics, Utah has 3.206 million residents, and this number is continuously increasing.[2]
  • According to statistics from the bureau of economic analysis for 2020, Utah’s average total yearly cost of personal consumption is $37,369.[3]
  • Residences in Salt Lake City, which are 90% more costly there than they are elsewhere, play a significant part in home pricing.[2]
  • According to MERIC’s 2021 cost of living index data acquired in the third quarter of 2021, Utah has the 31st lowest cost of living in the united states, so be ready to dip your savings or make quite a little.[3]

Utah Cost Of Living “Be” Statistics

  • Families that aren’t financially secure may find the 4% excise tax to be particularly burdensome since it essentially adds a hidden cost to practically everything they buy.[1]
  • In Utah, there has consistently been an annual growth of 2% for the last five years, and this is evidence of success.[2]
  • Since the state’s founding, the population has been increasing moderately, and only in the last eight years has it expanded by more than 9%.[2]
  • In addition, during the last several years, the number of high-tech occupations has increased by 70% in Utah.[2]

Utah Cost Of Living “Other” Statistics

  • The average monthly expenditure on housing and housing-related expenditures is 34.9%, or around $1,784.[4]
  • According to projections from the 2020 bureau of economic analysis personal consumption expenditures by state report, Utah’s average annual per capita healthcare expenditure is $5,055[3]
  • Utah is not a tax-friendly state and has an income tax of 4.95%, a sales tax of 5.95%-8.70%, and a property tax of 0.66%.[2]
  • Utilities like electricity are 29% less expensive and rent is less expensive in Utah, so businesses spend less on facilities.[2]
  • According to a 2021 research by WalletHub, which ranked all us states based on characteristics including economic, emotional, physical, and social health, Utah is the happiest state in the whole us.[3]
  • Zillow estimates that the average house worth in Utah was above $505,000 in late 2021, but the most recent census data reveals that this is what you can expect to pay each month whether you own or rent.[3]

Also Read

How Useful is Utah Cost of Living

When considering the cost of living in Utah, one must take into account the various factors that contribute to this. The housing market in Utah has seen a significant increase in property values in recent years, making it challenging for many residents to afford to own a home. Rent prices have also surged, making it difficult for renters to find affordable housing options. Additionally, the cost of healthcare in Utah is on the rise, with medical expenses becoming a significant burden for many residents.

However, it is essential to consider the bigger picture when evaluating the usefulness of Utah’s cost of living. While certain expenses may be higher in Utah compared to other states, the overall quality of life and standard of living in the state are undeniable. Utah boasts stunning natural landscapes, including national parks, mountains, and lakes, making it a paradise for outdoor enthusiasts. The state also offers a variety of recreational activities such as skiing, snowboarding, hiking, and biking, making it an ideal destination for those who enjoy an active lifestyle.

Furthermore, Utah has a strong economy with a low unemployment rate and a burgeoning tech industry. This provides ample job opportunities for residents, making it easier to afford the higher cost of living. Additionally, Utah has a strong education system and a low crime rate, making it an attractive place to raise a family.

It is also worth mentioning the diverse and vibrant communities that Utah has to offer. From bustling cities like Salt Lake City and Provo to charming small towns like Park City and Moab, there is something for everyone in Utah. Residents can enjoy a rich cultural scene with art galleries, museums, theaters, and music venues, as well as a thriving culinary scene with diverse dining options.

In conclusion, while the cost of living in Utah may seem high at first glance, it is essential to consider the broader benefits and advantages that the state has to offer. From its natural beauty and outdoor recreational opportunities to its strong economy and high quality of life, Utah stands out as a unique and desirable place to live. While certain expenses may be higher in Utah, the overall value and enjoyment that residents experience in the state make the cost of living well worth it.

Reference


  1. daybreakutah – https://www.daybreakutah.com/whats-happening/uncategorized/costs-of-living-utah/
  2. californiamoversusa – https://californiamoversusa.com/resources/moving-to-utah/
  3. sofi – https://www.sofi.com/cost-living-utah/
  4. worldpopulationreview – https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state

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