Estimated Monthly Payment — Median Utah Home
$3,252
Based on $500,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$500,000
Property Tax
0.63%
Avg. HOA
$200/mo
Median Rent
$1,550/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Utah housing market
Utah's housing market is above the national average, with a median home price around $500,000. Salt Lake City is the largest metro, with West Valley City a close second. Utah has one of the youngest populations in the nation, supporting strong household formation and demand; Salt Lake's tech corridor has lifted prices substantially. Utah's effective property tax rate of 0.63% is below the national average.
The median Utah home costs $500,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $2,581, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $3,252. First-time buyers in Utah can explore programs through Utah HFA.
Photo by Brent Pace on Unsplash
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FAQ
Utah mortgage FAQs
What's the property tax rate in Utah?
Utah's effective property tax rate averages about 0.63% — below the national average. On a $500,000 home, that's roughly $262/month or $3,150/year.
How much do I need to earn to afford a typical Utah home?
Using the 28/36 rule, a buyer would need roughly $122,000–$156,000 in gross annual income to comfortably afford Utah's $500,000 median home with 20% down at current rates.
What first-time buyer programs are available in Utah?
UHC offers the FirstHome Loan and HomeAgain Loan with 4-6% down payment assistance, plus Score Loan options for buyers with lower credit scores. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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