Why More Salt Lake City Residents Aren’t Leaving Despite Rising Costs
It Saves to Stay Put
If you live in Salt Lake City, you don’t need anyone to tell you that day-to-day expenses feel heavier than they did just a few years ago. Groceries cost more, insurance bills keep climbing, and housing has reached levels that would have been hard to imagine a decade ago. The cost of living in Salt Lake City has become one of the defining challenges for families across the metro, and it has left many people making the same decision: instead of moving, they’re staying put.
How the Cost of Living in SLC Has Shifted Over the Past Three Years
Over the past three years, the SLC cost of living has crept steadily upward, especially in housing and insurance. Salt Lake’s overall cost of living now runs about 8 to 9 percent higher than the national average.
Housing Pressures
- Home prices: In 2016, the median home price in Salt Lake County was around $283,000. Today, it’s closer to
$572,000, nearly
doubling in less than a decade. Even in the past three years, prices have continued to rise, making the dream of “trading up” difficult for many homeowners.
- Rent: One-bedroom apartments now average about
$1,547 per month, a jump of roughly 20% since 2022. Two- and three-bedroom units have seen even sharper increases. For renters who were already near their budget ceiling, these hikes are forcing tough choices.
Insurance and Utilities
- Home insurance: In 2022, homeowners spent about $61 per month on average premiums. By 2025, that number has climbed to
$135 per month, cutting deeper into budgets. Insurance now makes up nearly 7% of the typical mortgage payment, up from under 5% just three years ago.
- Utilities: Utility costs in Salt Lake City have held relatively steady, about 6% below the national average. While not a huge burden, small savings here aren’t enough to offset spikes in housing and insurance.
Wages vs. Expenses
While wages have risen modestly—average real wages in the county increased from $31.72 to $33.62 (in 1999 dollars) between 2021 and 2023 —the growth hasn’t kept pace with expenses. For many households, income simply isn’t stretching as far as it used to.
Why Residents Are Staying Put
Despite these rising costs, people aren’t leaving their homes. In fact, many are doubling down and deciding that staying put makes more financial and emotional sense.
- Mortgage Lock-In: Homeowners who bought before rates shot up don’t want to give up their low interest mortgages. Trading in a 3% loan for a 7% loan, even on a smaller property, could mean paying hundreds more per month.
- Tight Inventory: Even if you want to move, there just aren’t enough homes available. Listings in desirable price ranges are scarce, and competition remains fierce.
- Community Roots: Families are deeply tied to their neighborhoods, schools, and routines. Leaving means more than just a new house—it means disruption.
Budgeting to Stay: Instead of uprooting, families are finding ways to stretch budgets, whether through cutting back on extras, refinancing when possible, or delaying bigger purchases.
Renovating Instead of Relocating
For many Salt Lake City homeowners, the smarter path forward isn’t to buy a new home but to make the current one better fit their needs. The high cost of living in SLC has made moving into a “dream home” less realistic, so people are creating that dream home where they already live.
Renovations have become a practical choice. Updating kitchens and bathrooms, finishing basements, or adding extra bedrooms helps families adapt without taking on the stress and cost of buying again in today’s market. This approach keeps families rooted in neighborhoods they already love while still improving their quality of life.
The challenge, of course, is space. Anyone who has lived through a remodel knows how quickly a home can feel unlivable when furniture, boxes, and construction dust are everywhere. That’s where self storage becomes more than just convenient—it becomes essential.
How Self Storage Helps During Renovations
During a renovation, figuring out where to put your belongings is half the battle. If you are redoing a kitchen, appliances, tables, and chairs have to be cleared out. If you’re finishing a basement, couches, storage bins, and old boxes need a temporary home. A self storage unit allows you to fully clear the space being worked on, which speeds up the process and makes your home less chaotic while contractors are in and out.
Storage also keeps your items safe. Even the most careful contractors can’t completely prevent dust, sawdust, or stray paint from reaching your things. Electronics, heirlooms, couches, and even seasonal items like skis or holiday decorations are all better off in a clean, protected unit during construction. For whole-home projects like replacing flooring or updating multiple rooms at once, off-site storage can make the difference between living comfortably and feeling like you’re camping inside your own house.
How STOR-N-LOCK Supports Renovating Homeowners
That’s where STOR-N-LOCK Self Storage comes in. With multiple facilities across the Salt Lake Valley, they provide secure, flexible, and affordable options that are designed for exactly these situations.
- STOR-N-LOCK Beck Street in Salt Lake City: Close to downtown, this location is perfect for families in central neighborhoods taking on older home renovations. It offers both drive-up and climate-controlled units, giving you flexibility for furniture, appliances, or sensitive belongings.
- STOR-N-LOCK South 300 West in Sandy: Convenient for south valley residents, this site has a wide range of unit sizes—including large spaces big enough to store the contents of an entire home during major remodels.
- STOR-N-LOCK South Redwood Road in West Valley City: Ideal for west-side residents, this facility provides drive-up units for easy loading and unloading, plus flexible rental terms so you can keep your belongings stored for as long as your project takes.
Having storage available during a remodel means you don’t have to live surrounded by piles of furniture or worry about damage to your belongings. It keeps your home livable and your renovation moving forward smoothly.
The cost of living in Salt Lake City has risen in ways that make buying and moving more difficult than ever. But residents are finding smart solutions. Instead of leaving, they’re choosing to improve what they already own. Renovating offers a way to adapt to changing needs without the financial strain of entering today’s housing market.
And with storage solutions available at STOR-N-LOCK Beck Street, Sandy, and West Valley City, homeowners have a reliable way to protect their belongings and keep their lives running smoothly while they renovate. For many, that balance—staying put, renovating smart, and using storage to simplify the process—is the best way to manage the rising SLC cost of living while continuing to enjoy everything this city has to offer.
