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How Much Will Your Mortgage Be in Utah?

Utah has become such a popular place to live that 2019 saw a housing shortage in the Salt Lake City area. This means real estate prices will soon be climbing higher in the state unless you look for property outside of the capital.  2016 saw the first instance in four decades that the number of households in Utah exceeded the number of new housing units.

Homebuyers and sellers alike should be aware that they both stand to gain from the lack of a mortgage tax, transfer tax, or deed recording fee in Utah. Also, see FHA Loan in Utah for details and requirements for a home in the state.

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Utah Home and Mortgage
Stats to Know

County Avg. Home Price Avg. Days on Market
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Source of Info PropertyPath

Factors That Can Affect Your Utah Mortgage Calculations

Home Prices in Utah

The average price of a home in Utah increased just over 8% between 2018 and 2019 to $344,000, although the median price of a home in Salt Lake City specifically was $434,900. On the other hand, it's not a long way south to Provo where the median list price is $318,500.

The most affordable places to live in the state are Sunset, Roy, Harrisville, Clinton, and Stansbury Park when it comes to closing costs, taxes, insurance, and mortgage premiums.

Utah Housing Market

With only 3 million residents, Utah offers incredible scenic landscapes without the problems associated with overcrowding. The capital of Salt Lake City is the most densely populated area, as mentioned above. Other sizeable cities include West Valley City, Provo, West Jordan, and Orem.

The north-central part of the Utah is where the vast majority of residents have settled, in the counties of Salt Lake, Utah, Davis, Weber, and Cache.

Utah Property Taxes

Fortunately, property taxes in Utah are among the lowest in the nation—the effective average tax rate being only 0.66%, so long as your primary residence is in the state. As with most states, the majority of property taxes are set by the county you live in.

Utah Job Stats to Consider

The most significant industries in Utah include tourism, agriculture, healthcare, mining, and finance, and the state is well known to be friendly to new businesses and entrepreneurship.  Short-term job growth, research and development funding, and high-tech job growth are all doing well as noted by the US Chamber of Commerce.  Utah also ranks near the top of the nation when it comes to the job market for the arts.

When it comes to employers in Utah, the largest are Intermountain Healthcare, state governments, the University of Utah, Brigham Young University, and Walmart according to the state Department of Workforce Services.

Utah's unemployment rate as of September 2019 was only 2.7%, much lower than the national rate of 3.5%.  Per capital income was $46,320 as of 2018 versus the national average of $54,420.

Utah Job Stats

Job Stats (Civilian Labor Force, Employment, Unemployment)

Other Utah Costs That Can Affect Utah Mortgage Calculations

Closing Costs

These are a one-time fee, bundled together as charges mandated by the mortgage lender, county, and other entities which can be 2% of the value of the home. Fees paid to your mortgage lender include processing fees, underwriting costs, broker services, document preparation, origination points, and commitment, and these vary depending on your mortgage lender.

Homeowners Insurance in Utah

Once again, Utah is a great place to settle down, thanks to its average insurance costs which, after Idaho and Oregon, are the lowest in the country. Utah homeowners paid only $614 each year for homeowners insurance in 2019. There is also little reason to worry over flooding or hurricane activity, which helps to keep insurance premiums down.

You can learn more about the specifics of Utah homeowners insurance on their department's website.

Utah Title Insurance

The Utah Insurance Department regulates the title and escrow industries, meaning the state of Utah has its own insurance agents and sets certain standards and policies. Homebuyers can purchase their own title insurance policies, which protect them in any future claims or disputes over faulty deeds, mistakes in the records, and undisclosed heirs.

Home Inspections

An inspection is not mandatory for purchasing a home, but is always highly recommended as it allows you the chance to learn the condition of the home prior to purchasing it and can actually save you money in the long run if you can uncover any issues which can be mitigated or negotiated before you move in.

A home inspection in Utah will run you roughly $300 to $400 which usually includes inspections of the home's plumbing, electrical wiring, and roofing, with further testing costing you extra.

Other Costs

In Utah, the income tax is a flat 5%, no matter your income, which can mean big savings for individuals moving from states with progressive tax rates. The sales tax hovers between 6% and 8%. In addition, there is no estate or inheritance tax in Utah, making for a very low tax burden in the Beehive State overall.

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