Salt Lake City residents see 11% increase in monthly bills, with rent taking biggest bite
Mar 13, 2024, 5:54 PM | Updated: Mar 27, 2024, 8:42 am
A sign reading “For rent” in Salt Lake City on Saturday, Feb. 10, 2024. (Megan Nielsen, Deseret News)
(Megan Nielsen, Deseret News)
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SALT LAKE CITY — Household expenses are almost 11% higher in Salt Lake City than the national average. The monthly costs sit around $2,300 and they’re rising according to the 2024 Household Bill Pay Report compiled by doxoINSIGHTS.
Salt Lake City is the 28th most expensive city in the state; the most expensive Utah city in which to live is Park City.
Rent and mortgage payments comprise the majority of the expenses and take up half of the monthly costs. They average $1,300.
The report from doxoINSIGHTS shows that, combined, the average Salt Lake County household spends nearly $2,358 on bills every month.
And some of the standard advice from financial planners has had to change with the times. DMBA financial planner Shane Stewart said the standard rule has been that 28% of monthly income should go to rent or mortgage payments.
“The problem with that number is recent events, including inflation a few years ago, have kind of blown that out of the water,” he said.
How to combat the growing cost of living
Stewart said a spending plan is a good first step toward controlling spending. A spending plan can help track monthly bills and rent — and maybe even help save you money.
“You don’t have to really get into a heavy budget mode where you’re pinching every penny,” he said. “Just simply looking once a month at ‘what do I spend, where is that money going.’ And then you’ll self-correct if you find a problem.”
He recommends keeping rent or mortgage payments around 30- to 35% of your monthly income if possible.
The better news is that Stewart expects inflation to cool and rent prices to decrease in the next few years as more housing units are built.
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