Buying a Home in Utah: What You Need to Know
If you're considering buying a home in Utah, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Utah homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Utah-specific data to give you accurate monthly payment estimates.
Utah Property Taxes
Utah has an effective property tax rate of 0.47%, ranking #46 out of 50 states (where #1 is the highest). On a median-priced home of $548,000, you'd pay approximately $2,576 per year in property taxes, or about $215/month.
Utah is among the states with the lowest property taxes in the nation. This can make homeownership more affordable here compared to high-tax states, though you should verify rates in your specific county.
Utah Homeowners Insurance
The average annual homeowners insurance premium in Utah is $1,283 for $300,000 in dwelling coverage, or about $107/month.
Utah enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Utah Closing Costs
Closing costs in Utah average 0.72% of the home's purchase price. On a $548,000 home, that's approximately $3,946. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Utah Housing Market
The median home price in Utah is $548,000. This is significantly above the national median of approximately $410,000, making Utah one of the more expensive states for homebuyers. However, strong job markets and quality of life often justify the premium.
More Utah Mortgage Tools
Use these additional calculators to plan your Utah home purchase: