Utah Mortgage Calculator
Median home prices, property taxes, and monthly payment estimates for Utah homeowners.
Utah at a Glance
- Median Home Price
- $505,000
- Property Tax Rate
- 0.58%
- Median Household Income
- $87,296
- Annual Property Tax
- $2,929
Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)
Monthly Mortgage Payment in Utah
Based on the Utah median home price of $505,000 at 6.7% interest (30-year fixed):
| Payment Breakdown | 20% Down | 5% Down |
|---|---|---|
| Loan Amount | $404,000 | $479,750 |
| Principal and Interest | $2,607 | $3,096 |
| Property Tax (UT) | $244 | $244 |
| Homeowners Insurance | $125 | $125 |
| PMI | $0 | $200 |
| Total Monthly | $2,976 | $3,665 |
How Much House Can You Afford in Utah?
Using the 28/36 rule (housing costs under 28% of gross income):
- With 20% down, you need ~$127,543/year to afford Utah's median home
- With 5% down, you need ~$157,059/year
- Utah's median household income is $87,296
Utah insight: Utah's property tax rate of 0.58% is near the national average.
Utah Housing Market Overview
Utah's housing market remains highly competitive despite rising interest rates. The statewide median of $505,000 reflects Salt Lake City at $540,000, Provo $480,000, Ogden $435,000, and St. George $460,000. Inventory is critically low at 1.8 months. The median household income of $87,296 yields a price-to-income ratio of 5.8. The effective property tax rate of 0.58% is among the lowest in the U.S., keeping annual taxes at $2,929 on a median home. Utah's strong tech sector (Silicon Slopes) and religious in-migration keep demand elevated. Many young families are priced out and moving to Idaho or Arizona.
First-Time Homebuyer Programs in Utah
The Utah Housing Corporation (UHC) offers the FirstHome program, providing 30-year fixed-rate FHA, VA, USDA, or conventional mortgages with down payment assistance up to $20,000 as a 0% deferred second mortgage. The HomeAgain program serves repeat buyers with similar terms. UHC also administers the Score Loan program for buyers with lower credit scores. The Mortgage Credit Certificate (MCC) program offers a 20% federal tax credit on mortgage interest. Local programs include Salt Lake City's Homebuyer Assistance Program ($15,000 grants) and Provo's First-Time Homebuyer Initiative ($10,000). Income limits: Salt Lake County caps at $95,000 for a two-person household; rural counties cap at $78,000.
Tips for Homebuyers in Utah
1) Utah's 0.58% property tax is extremely low—only ~$244/month on a median home—but prices are very high. 2) The Wasatch Front (Salt Lake/Provo/Ogden) is hyper-competitive; homes under $500,000 sell in under a week. 3) Buy in late fall/winter for less competition, though inventory is always tight. 4) Radon is elevated throughout Utah; always test and budget $1,000–$1,500 for mitigation. 5) Foundation settling is common in Utah's clay soils; always get a structural inspection. 6) Water scarcity is a growing concern; verify water availability and conservation requirements before buying in St. George or southern Utah.
Utah Mortgage FAQ
What is the median home price in Utah?
The median home price in Utah is approximately $505,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.
What is the property tax rate in Utah?
The effective property tax rate in Utah is approximately 0.58% (Tax Foundation). On a $505,000 home, that is about $2,929/year in property taxes.
How much income do I need to buy a home in Utah?
Using the 28/36 rule with 20% down at 6.7%, you would need about $127,543/year to afford the median Utah home at $505,000. With 5% down (including PMI), about $157,059.
What will my monthly mortgage payment be in Utah?
On Utah's median home price of $505,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $2,976. With 5% down including PMI, about $3,665.
Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.