Salt Lake City is a small city located in Utah with a metropolitan area population of 189,314. A couple could live a moderate lifestyle in Salt Lake City on a budget of $3,327 per month, or $39,927 per year.
Cost of Living in Salt Lake City, Utah
As noted above, the cost of living in Salt Lake City, Utah is $3,327 per month for a couple living a moderate lifestyle. This budget consists of $1,917 for housing related costs, $635 for food, and $775 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Salt Lake City is estimated to cost $1,653
- Basic utilities including electricity, water, and gas will run about $184
- High-speed internet averages $80
- Typical grocery costs of $426 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $93
- Frequent coffees in a neighborhood café are estimated to be about $116
- Meals out are estimated to be $420 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $210 for public transport passes and occasional taxis
- Fitness center memberships of $85
- Cinema tickets of $60 include several outings for international releases
Note that Salt Lake City, Utah is a somewhat walkable city with a Walk Score of 74/100, which means you may need a car if you are living in the city center and you will probably need to use public transportation frequently.
Amount of Money Needed to Retire in Salt Lake City, Utah
Many people searching the internet for the cost of living in Salt Lake City, Utah are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $998,187 to live a moderate lifestyle in Salt Lake City, Utah.
Annual expenses of $39,927 ÷ 4% = $998,187 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Salt Lake City, Utah is affordable coming in at $3,327 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $998,187.