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Actually, there's the need and want for affordable living; and surprisingly, Utah has just that.
We're pretty sure there isn't a bad place to call home in this western state; but there are some places that are super expensive. To help the untrained eye, HomeSnacks thought that we'd create the ultimate guide to navigate Utah's most affordable place for 2020. How did we determine the most affordable place in Utah? We took a look at the US Census and the cost of living data for the Beehive State. We were especially interested in home and rental prices. We also looked at safety, education, and amenities in cities with more than 5,000 residents.
Keep in mind, just because these places in Utah are affordable, doesn't mean they're not nice, unsafe, and/or not fit for families. It's actually quite the opposite. Heck, kids are expensive, so when you choose one of Utah's affordable places to live, you are choosing to save money on your cost of living. This will, in turn, allow you more money to spend on the fun, family oriented 'Utah' things to do and see. Like, catching a powder day in Alta or scoring tickets to Logan's Pioneer Days.
So, want to know what's the latest buzz on the most affordable places to live in the Beehive State? Take a look below.
It's simple economics, folks. When you choose to live in one of Utah's most affordable places, you're choosing to live where your Utah dollar will go the furthest; and that, friends, makes perfect sense.
So, what's the most affordable place to live in Utah for 2020? The most affordable place in Utah is Hyrum.
To see how your city compared, take a look at the list below or head to the bottom.
And if you already knew these places were cheap, check out some more reading about Utah and the cheapest places in the country:
The 10 Cheapest Places To Live In Utah For 2020
When it comes to getting a good deal, there's nowhere better in Utah than Hyrum. With a median home price of $172,900 and a median income of $61,802, Hyrum has the sixth best home price to income ratio in the state. On top of that, Hyrum residents pay the 11th smallest proportion of their income on rent statewide. In other words, it doesn't really matter if you're buying or renting in Hyrum; the city's affordability stands out. And if you're looking for cheap things to do in Hyrum, definitely hit up Hyrum Lake State Park for a picnic or some top-notch fishing.
Hyrum is located 45 minutes north of Ogden.
The median household income in Hyrum comes in at $61,802 and the median home value is $172,900 for 2020. The unemployment rate sits at 4.5%.
If you're looking for low prices, you'd be hard-pressed to do better than Price, a city in central Carbon County. Price has the cheapest homes on the market in Utah, with a median cost of $138,600. Rent in Price is also the cheapest you're going to see on this list, at a median price of $622/month. And if you're looking to continue your education on a budget, Price is home to Utah State University Eastern. The school also has an awesome Prehistoric Museum if you just want to visit without the effort of enrolling.
The median household income in Price comes in at $47,896 and the median home value is $138,600 for 2020. The unemployment rate sits at 6.7%.
A suburb of Ogden, Sunset ranks as the third cheapest place to live in Utah for 2020. Renting in Sunset will cost you about $802/month, nearly half the average rent in Utah. But that's not what lands Sunset so high up on this list. At $152,900, Sunset has the third cheapest homes for sale in the state. And, even more importantly, residents of Sunset pay the second smallest percentage of their income on their mortgage, so there's plenty of money leftover for weekend trips to Ogden.
The median household income in Sunset comes in at $59,476 and the median home value is $152,900 for 2020. The unemployment rate sits at 5.3%.
A neighbor of Hyrum, Nibley clocks in as the fourth most affordable place in Utah.
Utah is one of the the fastest growing states in America, but Nibley's population explosion in recent years outpaces the state as a whole. And it's not hard to see why; Nibley got an honorable mention on our list of the best places to live in Utah thanks to its sub-2% unemployment rate and near non-existent poverty. Nibley has slightly higher housing prices than most cities on this list, with homes going for $239,900 and rent for $1,024. But, thanks to a high median income of $87,807, Nibley is safely in the top ten statewide for housing to income ratios, for both buyers and renters.
The median household income in Nibley comes in at $87,807 and the median home value is $239,900 for 2020. The unemployment rate sits at 1.6%.
Roosevelt ranks as the fifth cheapest place to live in Utah thanks to its combination of low home prices and high wages. A home in Roosevelt will set you back about $64,612, which, on a median income of $64,612, is no sweat. Roosevelt's major industries are oil and agriculture, so if you have experience in either field, you should have an easy time finding a job here. And when summer rolls around, don't miss the annual Uintah Basin in Celebration, a week-long festival complete with concerts and parades.
The median household income in Roosevelt comes in at $64,612 and the median home value is $188,600 for 2020. The unemployment rate sits at 8.2%.
With a population of 38238, Roy is the largest city to make this list, so you know you'll never left wondering what to do with your free time here. Maybe that's why we named it as one of the best cities for singles in Utah. While Roy is the least affordable place to rent on this list, the city makes up for ti by having the best home price to income ratio in Utah. The median home price in Roy is $173,900 and the median income is $68,424.
Roy is a suburb of Ogden.
The median household income in Roy comes in at $68,424 and the median home value is $173,900 for 2020. The unemployment rate sits at 4.8%.
Located 40 miles south of Provo, Nephi ranks as the seventh most affordable city in Utah. Nephi scored an 8.5/10 on our overall Snackability score with high marks across the board, so don't worry that you'll be trading quality for affordability here.
Home to the breathtaking Devil's Kitchen, outdoorsmen and women will always have a quick nature get-away on hand in Nephi. Nephi ranks in the top twenty for housing to income ratios, both for renters and buyers, with a median home price of $186,100 and a median rent of $797.
The median household income in Nephi comes in at $61,543 and the median home value is $186,100 for 2020. The unemployment rate sits at 2.6%.
At first glance of the home prices in Farr West, you might think we made a mistake including on this list. After all, $268,200 is a way more expensive median home price than elsewhere on this list. But when you remember that Farr West is one of the richest places in Utah, everything starts to make sense. The median rent in Farr West is $953, which is crazy low for such a wealthy city. In fact, Farr West has the second best rent to income ratio on this list. Even if you're buying, you're getting the seventh best deal in Utah. Just make sure you have a lucrative job lined up before moving to Farr West, or the city's affordability might be lost on you.
Farr West is located yet another Ogden suburb to make this list.
The median household income in Farr West comes in at $95,077 and the median home value is $268,200 for 2020. The unemployment rate sits at 2.5%.
A neighbor of Farr West, Harrisville maintains this area's penchant for affordability. While Harrisville isn't nearly as attractive for renters as Farr West, it's an absolute dream for folks looking to buy a home. At a median price of $204,100 and a median income of $78,618, residents of Harrisville pay the third smallest proportion of their income on homes statewide.
And we promise that once you get to the top of Ben Lomond Mountain and experience the epic view, financial issues will be the last thing on your mind.
The median household income in Harrisville comes in at $78,618 and the median home value is $204,100 for 2020. The unemployment rate sits at 2.4%.
With South Ogden's inclusion here, half of this list is made up of Ogden suburbs, so know that the city's surrounding area is a great place to start looking if you want the best deals in Utah. Homes in South Ogden go for about $193,000 and rent for $908. Taking into account the city's median income of $65,939, it's slightly more affordable for people buying a home than renting. Like most places on this list, there's no shortage of natural beauty around, so you can keep yourself entertained on any budget.
The median household income in South Ogden comes in at $65,939 and the median home value is $193,000 for 2020. The unemployment rate sits at 2.2%.
How We Determined The Most Affordable Places To Live In The Beehive State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Utah to figure out which is the least expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 85 places in Utah that have more than 5,000 people.
The place with the lowest cost of living in Utah according to the data is Hyrum. You can download the data here.
There You Have It Mr. Or Mrs. Utah Cheapskate
If you're looking at the cost of living numbers in Utah, this is an accurate list of the most affordable places to live in Utah for 2020.
Here's a look at the most expensive cities in Utah according to the data:
- Cedar Hills
For more Utah reading, check out:
- Best Places To Buy A House In Utah
- Best Places To Raise A Family In Utah
- Worst Places To Live In Utah
The Most Affordable Places To Live In Utah
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|47||North Salt Lake||46.33|
|74||South Salt Lake||62.0|
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