Costs to buy a house in Utah | Utah closing costs | Utah house buying calculator | Homeownership costs | How to save when buying a home in Utah
The average home buyer in Utah spends between $43,338 and $153,657 when purchasing a $562,693 home — the state median value.
Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.
Luckily, Clever Real Estate can help make buying a home more affordable. Working with a Clever agent means you'll not only get great service from start to finish, but you could also be eligible for up to 0.5% cash back after closing. That's about $2,813 back on an average-priced home in Utah!
Average cost to buy a house in Utah
Expense | Amount |
|---|---|
$5,627 to $16,881 | |
$19,694 to $112,539 | |
$5,163 to $7,744 | |
$11,195 | |
$203 | |
$205 | |
$1,250 to $4,890 | |
Total | $43,338 to $153,657 |
Buyer closing costs in Utah
While the other costs to buy a house in Utah are pretty transparent, Utah closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Utah closing costs you'll likely pay when buying a home.
Closing cost | Amount |
|---|---|
Closing fee | $563 |
Recording fee | $40 |
Title service fees | $630 |
Origination fee | $2,813 |
Underwriting fee | $600 |
Discount points | $4,502 per point |
Lender's title insurance | $917 |
Owner's title insurance | $1,131 |
Prorated property tax | Varies |
Transfer tax | No transfer tax in Utah |
Total | $11,195 |
Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.
Contact us at Clever for top agent recommendations.
Cost to buy a house in Utah calculator
Ongoing costs of homeownership in Utah
Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.
Expense | Average monthly cost |
|---|---|
Mortgage (principle and interest) | $2,581 |
Homeowners insurance | $95 |
Taxes | Varies but averages $282 statewide |
Maintenance | $468 |
Utilities | $345 |
Total | $3,771 |
Note: All numbers are estimates based on state averages and a median home value of $562,693 and a down payment of 20%. | |
Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.
- If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Utah homeowner, this is between $245 to $829 a month.
- Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.
» MORE: The true cost of homeownership
Top ways to save money when buying a house in Utah
1. Look into better financing options
Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.
You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.
Get Pre-approved Today!
Get matched with a lender who can tell you how much house you can afford. To get started, where do you plan on buying?
2. Participate in home buyer programs Utah
Utah home buyer programs can make owning a home a bit more affordable in the state. The Utah Housing Corporation offers down payment assistance programs, favorable lending options, and grants for vets and those in law enforcement.
There’s also the Community Development Corporation of Utah, which offers down payment assistance to low-to-moderate income households buying in Salt Lake City, Salt Lake County, and Taylorsville residents. You may also find a local program in your county — the HUD lists a few of the most prominent ones.
» MORE: First-time home buyer programs everyone should know about
3. Partner with an expert agent
Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.
That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!