The Numbers at a Glance
Salt Lake City's median home price sits at approximately $415,000 in early 2026 — elevated from pre-pandemic levels but more accessible than coastal markets. With a 20% down payment of $83,000 at 7.1%:
| Cost Component | Monthly Amount | Notes |
|---|---|---|
| Principal & Interest | $2,226 | 7.1% rate, 30-year fixed |
| Property Tax | $218 | 0.63% annual — very low |
| Homeowner's Insurance | $130 | Estimate |
| HOA (if applicable) | $150-300 | Many Salt Lake City communities have HOA |
| Total PITI | $2,940 | Includes avg HOA estimate |
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Banker's Note on Salt Lake City
Licensed Banking Pro · 23 Years Experience
Salt Lake City had one of the sharpest corrections after the 2022 rate spike — prices dropped 10-15% from peak. They've recovered most of that. The market is now steadier. What I tell buyers: Salt Lake City has some of the lowest property taxes in the US, which makes the monthly payment deceptively attractive. The real risk here is HOA fees — many master-planned communities charge $300-500/month. Always get the full HOA picture before you calculate affordability. Also: the West Valley (Peoria, Surprise, Goodyear) offers 15-20% lower prices than Scottsdale for comparable homes.
Salt Lake City vs. National Averages
| Metric | Salt Lake City | US Average |
|---|---|---|
| Median Home Price | $415,000 | ~$485,000 |
| Property Tax Rate | 0.63% (very low) | ~1.1% |
| Monthly PITI | $2,940 | ~$2,800 |
| Down Payment (20%) | $83,000 | ~$84,000 |
| Salary Needed (28% DTI) | $126,000 | ~$120,000 |
Best Areas in Salt Lake City Metro
Scottsdale · Chandler · Gilbert · Peoria · Tempe · Goodyear
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What Salary Do You Need in Salt Lake City?
| DTI Target | Max Monthly Housing | Required Salary | Comfort Level |
|---|---|---|---|
| 28% (conservative) | $2,940/mo | $126,000 | ⚠ Above median |
| 36% (standard) | $2,940/mo | $98,000 | ✓ Approved |
| 43% (maximum) | $2,940/mo | $82,000 | ⚠ Stretched |