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
Monthly investment
$500Down payment
Down Payment Scenarios in Salt Lake City
| Scenario | Down Payment | With Bricks | Savings Acct |
|---|---|---|---|
| 3.5% FHA | $18,550 | 2.8 years | 3.1 years |
| 10% Down | $53,000 | 6.8 years | 8.8 years |
| 20% Down | $106,000 | 11.1 years | 17.1 years |
Save for a home in Salt Lake City faster
Bricks is the fastest way to save for a down payment. Join the waitlist for early access.
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 $500/month into diversified REITs could accumulate a 20% down payment of $106,000 in approximately 11.1 years. The same monthly contribution in a traditional savings account would take about 17.1 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.