How Much House Can I Afford in Utah?
Enter your income, debts, and down payment to see how much home you can afford. Pre-loaded with Utah-specific defaults like our 0.58% average property tax rate.
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Enter Your Details
Car payments, student loans, credit card minimums, etc.
Utah Defaults
Utah avg: 0.58%
Based on the current inputs, your debt-to-income ratio is too high. Try increasing income, reducing debts, or increasing your down payment.
Utah Housing Market Overview
$450K
Median Home Price
0.58%
Avg Property Tax
$20K+
DPA Available
3.5%
Min Down (FHA)
What Lenders Look At
Debt-to-Income Ratio
Your total monthly debts compared to gross income. Most lenders want this below 43%.
Credit Score
Higher scores unlock better rates. 620+ for conventional, 580+ for FHA.
Employment History
Stable employment (2+ years in the same field) shows lenders reliability.
Down Payment
More down = better terms. But DPA programs can cover this for qualifying buyers.
Cash Reserves
Lenders like to see 2-3 months of mortgage payments in savings after closing.
Property Type
Single-family homes get the best terms. Condos and multi-units may have stricter requirements.
DTI Ratio Explained
Front-End DTI (28%)
Compares your housing costs (mortgage, taxes, insurance) to your gross monthly income. Most lenders want this at or below 28%.
EXAMPLE
$7,083/mo income × 28% = $1,983 max housing payment
Back-End DTI (43%)
Compares all your monthly debts (housing + car + student loans + credit cards) to gross income. Most conventional loans cap at 43%.
EXAMPLE
$7,083/mo income × 43% = $3,046 max total debt payments
Tips to Afford More in Utah
Pay down high-interest debt first to lower your DTI ratio
Use Utah DPA programs — up to $20,000+ in free grants available
Improve your credit score for 0.5-1% lower interest rates
Consider FHA loans which allow up to 56.9% DTI in some cases
Add a co-borrower to increase qualifying income
Look at emerging neighborhoods where prices are still below median
Frequently Asked Questions
How much house can I afford on a $75,000 salary in Utah?
On a $75,000 annual salary with minimal debt and a typical interest rate, you could afford a home in the $300,000-$350,000 range. This assumes a 28% front-end DTI ratio, 0.58% property tax rate (Utah average), and a 30-year fixed mortgage. Down payment assistance can increase your buying power significantly.
What do lenders look at when determining how much I can afford?
Lenders evaluate your debt-to-income ratio (DTI), credit score, employment history, down payment, and cash reserves. The two main DTI ratios are: front-end (housing costs vs. income, typically max 28%) and back-end (all debts vs. income, typically max 43%). FHA and VA loans may allow higher DTI ratios.
What is a debt-to-income ratio and why does it matter?
Your DTI ratio compares your monthly debt payments to your gross monthly income. Lenders use two ratios: front-end (housing costs only) and back-end (all debts including housing). Lower DTI ratios mean less risk for lenders and better loan terms for you. Most conventional loans cap at 43% back-end DTI.
What is the average property tax rate in Utah?
Utah has one of the lowest effective property tax rates in the country at approximately 0.58%. This means on a $400,000 home, you would pay roughly $2,320 per year in property taxes. Rates vary by county — Salt Lake County is slightly higher while rural counties tend to be lower.
How can I afford more house in Utah?
Several strategies can increase your buying power: (1) Pay down existing debts to lower your DTI ratio, (2) Use down payment assistance programs — Utah offers up to $20,000+ in grants, (3) Improve your credit score for better rates, (4) Consider a 30-year term for lower monthly payments, (5) Look at FHA loans which allow higher DTI ratios, (6) Add a co-borrower's income to your application.
Should I use my maximum approved amount?
Not necessarily. Just because you qualify for a certain amount doesn't mean you should spend it all. Consider your lifestyle, savings goals, and comfort level with monthly payments. Many financial advisors recommend keeping your housing costs below 25% of your take-home pay for a comfortable budget.
How does down payment assistance affect what I can afford?
DPA programs can dramatically increase what you can afford by covering your down payment and closing costs. For example, if you receive $20,000 in grants, that money goes directly toward your purchase — either reducing your loan amount or freeing up your savings for closing costs and reserves.
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