Rent vs Buy in Salt Lake City, UT
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Salt Lake City, UT
Price-to-rent ratio is 27.8 (under 15 favors buying, over 21 favors renting). Renting costs $1,748/mo; owning runs about $4,301/mo — $2,553/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $3,039 |
| Property tax | $534 |
| Home insurance | $243 |
| Maintenance | $486 |
| Total to own | $4,301 |
| Average 2BR rent | $1,748 |
Based on a median home value of $582,654 with a $116,531 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.