UTAH

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...

A sign reading “For rent” in Salt Lake City on Saturday, Feb. 10, 2024. (Megan Nielsen, Deseret News)

(Megan Nielsen, Deseret News)

Live on Dave & Dujanovic: the pros and cons of renting a room to a stranger. 

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.

Other reading:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Utah

Stacks of fireworks are seen in a TNT tent on Redwood Road, officials issue warnings about fire dan...

Tammy Kikuchi

Highest level of fire concern: Officials urge people to be cautious ahead of Pioneer Day

As fire danger is at its highest level, officials asked the public to be mindful and follow fire restrictions for the Pioneer Day holiday.

9 hours ago

people at slc airport shown, microsoft outage affecting air travel...

Kennedy Camarena

Microsoft outage causes Utahns to experience airline traffic

A Microsoft outage has affected people worldwide. Utahns were not excluded on Thursday morning when flight delays started due to the outage.

16 hours ago

A view overlooking Park City is seen on the sixth day of the 2020 Sundance Film Festival on Tuesday...

Heather Kelly

Park City and Salt Lake City together are finalists for Sundance Film Festival

Park City and Salt Lake City are one step closer to becoming Sundance Film Festival's new home, after 40 years of being in Park City.

17 hours ago

Gov. Spencer Cox and first lady Abby Cox celebrate Pioneer Day and wave to onlookers as they ride i...

Carter Williams, KSL.com

‘We need more community’: Why Cox says this Pioneer Day can be unifying for Utahns

'We need more community' Utah Gov. Spencer Cox says that this coming Pioneer Day can be unifying for Utahns

22 hours ago

Daniel Martinez sentenced for Draper party shooting...

CARLYSLE PRICE, KSLTV.com

Daniel Martinez sentenced for Draper party shooting

Daniel Martinez was sentenced Thursday to 50 years in jail for the deaths of 2 people at a party at an Airbnb in Draper.

23 hours ago

FILE - Simone Biles and the U.S. women celebrate as the 2024 team is named at the United States Gym...

Mary Culbertson, KSLTV

How you can get in on the 2034 Olympic announcement party

As the anticipated decision by the Olympic Committee is approaching here are the places to watch and listen to the announcement.

1 day ago

Sponsored Articles

A young woman smiles while reading the menu at a lakeside restaurant, enjoying the panoramic view o...

Bear Lake Convention & Visitors Bureau

The best restaurants to try in Bear Lake

Save this guide to the best restaurants in Bear Lake when you need to find a place to dine during your next visit.

Female leg stepping on weigh scales. Healthy lifestyle, food and sport concept....

Health Utah

Sustainable weight loss: the science-backed way to achieve it

Learn more about Debbie's weight loss journey with Health Utah, who have a unique weight loss philosophy for success.

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

A group of people cut a purple ribbon...

Comcast

Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

Salt Lake City residents see 11% increase in monthly bills, with rent taking biggest bite