Rent to own Homes in Salt Lake City, UT
Salt Lake City is named for its close location to the Great Salt Lake, and it's almost completely surrounded by the Wasatch Mountains. The city is part of the Great Basin area that extends as far west as Reno, Nevada. Salt Lake City is home to more than two million people, and it's also the largest industrial banking center in the country. The city has a climate with four distinct seasons, but fortunately none of the seasons have particularly extreme weather. The location in the mountains means that the air in Salt Lake City is dry, which can help you breathe easier if you have allergies. The city is also very family friendly.
Salt Lake City, UT is a great place for affordable rent-to-own homes! With a median household income of over $63,156 and a median rent of $1,050, the Salt Lake City, UT rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Salt Lake City, UT. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Salt Lake City, UT Property Resources
Rent to own Homes in Cities Near Salt Lake City, UT
- Alpine
- Alta
- American Fork
- Bingham Canyon
- Bluffdale
- Bountiful
- Brighton
- Cedar Hills
- Cedar Valley
- Centerville
- Copperton
- Cottonwood Heights
- Draper
- Eagle Mountain
- Emigration Canyon
- Farmington
- Fruit Heights
- Granite
- Herriman
- Highland
- Holladay
- Kaysville
- Kearns
- Layton
- Lehi
- Lindon
- Magna
- Midvale
- Millcreek
- Murray
- North Salt Lake
- Park City
- Pleasant Grove
- Riverton
- Salt Lake City
- Sandy
- Saratoga Springs
- Silver Summit
- Snyderville
- South Jordan
- South Salt Lake
- Summit Park
- Taylorsville
- West Bountiful
- West Jordan
- West Valley City
- White City
- Woods Cross
Neighborhoods in Salt Lake City, UT
Arcadia Heights rent to own homes Bonneville Hills rent to own homes Capitol Hill rent to own homes Central City rent to own homes Central City/ Liberty Wells rent to own homes East Central rent to own homes Greater Avenues rent to own homes Liberty Wells rent to own homes People's Freeway rent to own homes Rio Grande rent to own homesBuying a Home in Salt Lake City, UT
Salt Lake City, UT is seeing rapid growth and Salt Lake City, UT's' housing market remains not optimal with an average home price that is 59% above the 2024 national average. Salt Lake City, UT is part of Salt Lake county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Salt Lake is 0.67% which is below the national average, which is 0.99%.
Median Home Price in Salt Lake City, UT
Median Rent in Salt Lake City, UT
Top Reasons to Live in Salt Lake City UT
Moving to Salt Lake City Although the employment growth in Salt Lake City is slowing down from previous years, the economy is still strong and the unemployment rate is still better than the national average. The housing market is also very robust. The median home price is $225,700, which reflects a healthy 4.08% increase over the past year. There are actually more homes rented than owned, with 44.69% of homes owned and 47.62% rented. An additional 7.69% of houses are vacant.
Largest Employers and Industries The economy of Salt Lake City was originally built on mining, but today it boasts a diversity of businesses and services. Local, state and city government are among the city's largest employers. Other employers with a large presence in the city include the University of Utah, Sinclair Oil Corporation, The Church of Jesus Christ of Latter-Day Saints and Intermountain Healthcare, the largest healthcare company in the region. Other major employers include the Huntsman Corporation, Questar Corporation and Zions Bancorporation.
Local Events and Festivals Salt Lake City residents take advantage of the natural beauty right in their own backyards and many enjoy hiking and skiing in the many parks in the area. There are also a large number of regular festivals to attend, most importantly the world-renowned Sundance Film Festival that attracts thousands of visitors to nearby Park City. The Utah Arts Festival has welcomed an average of 80,000 guests every year since 1977 and is a showcase for artists and musicians. Salt Lake City also observes Pioneer Day on July 24, which is a state holiday that celebrates the Mormon pioneers' discovery of the valley with a week-long schedule of events that includes fireworks, parades, and a rodeo. The Greek Festival is a three-day celebration of Greek heritage that happens the weekend after Labor Day and attracts up to 50,000 people each year.
Neighborhoods The city of Salt Lake City has several distinct neighborhoods. If a funky neighborhood is your style, you'll want to consider the popular and growing Sugar House part of town. Young professionals will likely feel most at home in The Avenues, which is home to classic Victorian houses and is positioned right between downtown and beautiful countryside. The 15th and 15th neighborhood - named for its intersection between S. 15th St. East and S. 15th St. South -is near to Sugar House but is home to a younger and more working-class population.