Median home: $505,000 | Mortgage rate: 7% | Property tax: 0.56% | Insurance: $1,100/yr
Utah is the fastest-growing state in America over the past decade. With a median home price of $505,000 and mortgage rates averaging 7%, understanding what you can afford before house hunting is essential.
The 28/36 rule is the gold standard: spend no more than 28% of gross income on housing and no more than 36% on total debt. In Utah, with a property tax rate of 0.56% and average insurance of $1,100/year, these costs add significantly to your monthly payment beyond just principal and interest.
A 20% down payment on the median Utah home requires $101,000. FHA loans with 3.5% down need just $17,675, but you will pay mortgage insurance. Utah has a Circuit Breaker program that limits property tax for qualifying seniors.
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Based on the 28/36 rule, your total housing payment should not exceed 28% of gross monthly income, and total debts should stay under 36%. In Utah, with median home prices at $505,000, you typically need a household income of at least $505,000 to afford the median home.
To afford the median Utah home at $505,000 with 20% down at 7% interest, you need approximately $115,192 annual household income. This is based on the 28% housing cost guideline.
The median home price in Utah is approximately $505,000 as of 2026. Prices vary significantly by city and county. Utah is the fastest-growing state in America over the past decade.
A 20% down payment on the median Utah home ($505,000) is $101,000. FHA loans allow 3.5% down ($17,675) and VA loans offer 0% down for eligible veterans.
Utah has a property tax rate of 0.56%, which is below the national average. On the median home, that is $2,828/year. Utah has a Circuit Breaker program that limits property tax for qualifying seniors.