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

The cost of living in Utah is a mix of pros and cons. On one hand, the state boasts a relatively low unemployment rate, high job growth, and a strong economy. This is certainly appealing to those looking to establish their careers or make a fresh start in a new place. Additionally, the state has a lower than average state income tax rate, which can benefit residents seeking to keep a larger portion of their hard-earned money.

On the other hand, housing costs in Utah have been on the rise in recent years, especially in cities like Salt Lake City and Provo. This can make it challenging for individuals and families to find affordable homes that meet their needs. Rental prices are also climbing, putting a strain on those looking for temporary housing solutions. Transportation costs, specifically gas, can also add up quickly for those commuting long distances for work.

Aside from housing and transportation, the cost of healthcare in Utah is another area of concern for residents. While the state has a growing healthcare industry, the cost of medical services and insurance premiums can be a burden for many. This is particularly challenging for individuals with chronic health conditions or those with limited access to quality healthcare.

When it comes to everyday expenses, Utah’s cost of living can vary depending on where you live in the state. Groceries, utilities, and entertainment expenses can all add up, contributing to the overall affordability of living in Utah. For families with children, the cost of childcare and education can also be a significant financial consideration.

Despite these challenges, many Utah residents would argue that the state’s high quality of life and opportunities for outdoor recreation outweigh the cost of living. From the stunning national parks to world-class ski resorts, Utah offers a unique and fulfilling lifestyle for those who call it home.

In conclusion, the usefulness of Utah cost of living is a multi-faceted topic that requires careful consideration. While the state offers many benefits, including a strong economy and job market, the rising cost of housing, healthcare, and other expenses can present challenges for residents. It is important for individuals to weigh these factors carefully when considering a move to Utah, and to plan accordingly to ensure a comfortable and sustainable lifestyle in the Beehive State.

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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