How Long to Save for a Home in Salt Lake City, UT
Median home price, average rent, and a personalized savings timeline for Salt Lake City — updated 2026-Q1.
Median Home Price
$530,000
Average Rent
$1,700/mo
Median Income
$78,000/yr
5yr Price Growth
+28%
Calculate for Salt Lake City
Invest this % of your rent ($1,700/mo)
Down payment
Down Payment Scenarios in Salt Lake City
| Scenario | Down Payment | With Bricks | Savings Acct |
|---|---|---|---|
| 3.5% FHA | $18,550 | 6.9 years | 7.8 years |
| 10% Down | $53,000 | 14.2 years | 17.9 years |
| 20% Down | $106,000 | 20.6 years | 28.2 years |
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Buying a Home in Salt Lake City, Utah
Salt Lake City is one of the West's growing metro areas with a population of 205,000. The median home price of $530,000 puts it among the more expensive markets in the country.
With average rent at $1,700/month, a renter in Salt Lake City investing 10% of their rent ($170/month) into diversified REITs could accumulate a 20% down payment of $106,000 in approximately 20.6 years. The same monthly contribution in a high-yield savings account would take about 28.2 years.
Home prices in Salt Lake City have grown 28% over the past five years, outpacing the national average. For renters, this means the down payment target continues to move — making it even more important to invest rather than just save, so your money grows alongside home prices.