Buying vs. Renting: Which Makes More Sense Right Now in Salt Lake City?

Ah, the age-old debate: Should you rent or should you buy? If you’re living in or eyeing Salt Lake City, the answer isn’t one-size-fits-all—it depends on your lifestyle, your finances, and your long-term goals. But don’t worry, I’m here to break it down for you—real-talk style.

🔍 First, Let’s Look at the Numbers

As of spring 2025, the average monthly rent for a two-bedroom in Salt Lake City hovers around $1,700–$2,000, depending on location and finishes. Meanwhile, a median-priced home in SLC is in the ballpark of $530,000. With a 7% interest rate and 5% down, you're looking at a monthly mortgage of about $3,600–$4,000 when you include taxes and insurance.

At first glance, renting seems like the cheaper route—but let’s go a little deeper.

🏡 Why Buying Might Make Sense Right Now

1. Equity, Baby Each mortgage payment is an investment in your future self. Even in a fluctuating market, Salt Lake real estate has shown strong long-term appreciation thanks to low inventory and steady demand.

2. Predictable Payments Fixed mortgage? That monthly number won’t go up. Rent, on the other hand? Hello, yearly increases.

3. Tax Perks + Customization Owning means deductions (hello, mortgage interest) and freedom to finally paint that bold navy wall or install that built-in dog washing station.

4. The Inventory is Loosening Up We’re seeing more listings this spring compared to last year. It’s not 2019-level inventory, but buyers have a bit more breathing room than during the pandemic frenzy.

🛋️ Why Renting Might Be Smarter (For Now)

1. Flexibility Not sure you’re staying in SLC? Renting gives you freedom to bounce. Plus, you're off the hook for surprise costs like water heaters gone rogue.

2. Lower Upfront Costs A rental deposit is nothing compared to down payments and closing costs. If you’re still saving or building your credit, renting gives you time to prep.

3. Maintenance-Free Living When the furnace dies, it’s not your problem—your landlord’s got it covered. That’s peace of mind (and a full savings account).

🧠 So…Which Should You Choose?

Ask yourself:

• Am I planning to stay put for 3+ years?

• Is my job and income stable?

• Do I want to build long-term wealth through real estate?

• Do I have the cash (or a plan) for a down payment?

If the answer to most of these is yes, buying could be a smart move—especially with the way Salt Lake home prices have held strong and rents keep climbing.

But if flexibility, savings, or short-term plans are your priorities, renting may be the wiser call for now. And hey, that’s perfectly okay. Real estate will still be here when

you're ready.

🚪Final Thoughts

No matter where you land on the buying vs. renting spectrum, it pays to know your options. Want a custom rent-vs-buy breakdown for your situation? Hit me up—I’m happy to run the numbers and talk strategy.