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Cost of Living

The cost of living in Utah compares favorably with the region and the nation. The American Chamber of Commerce Researchers' Association's Cost of Living Index for the Salt Lake area shows all items are typically at or below the national average. The overall cost of living indicator for Salt Lake County is 95.9 (Source: ACCRA Cost of Living Index, Fourth Quarter 2005).

The cost of living index in Salt Lake County remained pretty stable in 2005. Declines in the price of housing offset price gains in transportation, groceries and misc. categories. Nationally, the cost of living went up 4.3% during the same period.

The National Association of Realtors (NAR) reported the average price of a home sold through the multiple listing board in 2005 in the Salt Lake City area was $212,960. Rental rates for a one-bedroom apartment averaged $554 per month, while a two-bedroom apartment averaged $766 per month mid-year 2005.

Cost of Living Indicators

Selected Western Metropolitan Areas, Fourth Quarter, 2005 (U.S. Avg. = 100)

  Groceries Utilities Health Care  
Metro Area All
Items
  Housing   Trans   Misc.
St. George 99.6 99.6 95.9 80.3 103.1 85.6 108.9
Salt Lake City 95.9 102.9 83.4 89.3 100.8 97.9 104.1
Phoenix 100.4 98.4 100.8 91.0 103.8 101.8 101.5
Los Angeles 159.0 136.6 266.1 108.8 105.1 118.9 111.3
Denver 100.6 104.5 101.8 91.6 99.0 109.1 100.2
San Antonio 91.6 82.9 84.5 84.2 89.1 100.8 102.3
Las Vegas 109.9 99.7 134.8 108.0 103.9 112.7 95.0
Reno-Sparks 112.1 109.7 126.9 90.1 102.2 111.6 109.6
Portland 115.5 115.9 121.2 119.6 102.4 112.2 113.3
Seattle 115.3 106.7 134.2 98.6 109.3 118.3 108.7

 

Source: American Chamber of Commerce Researchers' Association, Cost of Living Index, Fourth Quarter 2005.

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