Central to Utah’s technology industry, Lehi is a fast-growing community between Salt Lake City and Provo. Software companies, such as Jolt, Oracle, Vivint, and eSource, have main offices or headquarters here. This has given way to a booming economy and robust job market. Lehi has been attracting professionals, engineers, and entrepreneurs. Many others are drawn to the breathtaking natural landscape, and abundance of recreation Lehi has to offer, including hiking, mountain biking, and world-class skiing. Over the last ten years, the population in Lehi has more than doubled, and that trend is expected to continue.
There are numerous universities and colleges close by, including Brigham Young University, Utah, Valley State University, and Rocky Mountain University of Health Professionals. This means there is a pool of great new graduates ready to be recruited in Lehi, which is why many technology companies are setting up here. If you’re considering moving, here is a breakdown of the cost of living in Lehi.
Home purchase price
According to the National Association of Realtors, the median home price in the Salt Lake City metropolitan area is $524,800. With a booming economy, homes in Lehi fall right in line. Best Places states that home appreciation in Lehi is up 144% in the last ten years and expects it to continue to rise. In addition, Utah has a very low property tax rate. At just 0.52% on average, it’s the sixth lowest in the country. So it’s no wonder there’s a surge in new residents and constant demand for new housing.
Of course, home prices vary by neighborhood and property size. The suburban community around N Frontage Road and W East Frontage Road boast newer and larger homes, while other neighborhoods closer to town are popular with young professionals who want a faster commute to work.
Costs of utilities, internet, and cable TV
The cost of utilities in Lehi can vary depending on the amount of use and the time of the year. Heating costs in the winter mean higher bills. In Utah County, which includes Lehi, Provo, and Orem, the average electric bill for residents is $119 per month, according to EnergySage. This adds up to about $1,400, which is 33% less than the national average of $2,100. Internet services listed on Allconnect.com vary from $20 to $70 for a dedicated fiber line. The average internet and cable television cost is around $66.
Cost of groceries
A recent report shows Lehi residents paying upwards of $3,112 on groceries per year. This is about 2% less compared to the national average. However, families spend more, about $400 to $600 per month, depending on family size and shopping habits.
Sales tax on groceries is reduced statewide to 3%. However, there are very specific exceptions, such as prepared foods sold at groceries or ready-to-eat meals with utensils, which are taxed at the full sales tax rate of 6.1%. Alcohol sales are highly regulated in the state, with the tax on alcohol being one of the highest in the country. Its beer tax, at 41 cents per gallon, is the 14th highest in the nation.
Costs of private and public transportation
A recent report by KLS News Radio estimates that Utah residents spend nearly $3,000 a year on transportation costs. Unfortunately, this makes the state the fourth highest in the nation. This is partly because the average price of one gallon of gas is higher than the national average, according to AAA.
Luckily for commuters, the Salt Lake City metropolitan area has a robust transportation system. If you’re traveling to and from Lehi, the Utah Transit Authority (UTA) has bus service year-round. One-way tickets cost as low as $2.50. The UTA also has train and light-rail transportation services available. They serve Salt Lake, Utah and Weber Counties, Davis, Brigham City, and North Tooele Valley.
The average salary of Lehi residents
As the central technology hub of Silicon Slopes, Lehi’s average salary is higher than the national average. In Lehi, the average salary is $77,000 per year. The current national average is $55,640. Because of a growing job market and higher salaries, Lehi has seen its population increase 52% over the last ten years, more than any other city in Silicon Slopes.
Of course, the industry you work in and the position you hold will make a big difference. In Lehi, professionals in the technology industry make more than the average. For example, a senior software engineer can make up to $150,000 annually. Software developers, product managers, and marketing managers can also make higher than the city average.
In Utah County overall, the average median household income is $82,893. This is higher than the national average of $70,784, as reported by the U.S. Census Bureau.
Ready to find your next home in Lehi?
As you can see, Lehi is an incredible city with so much to offer. And it’s still growing. As one of Utah’s sixth oldest cities, it’s rich in culture and history. The wealth of natural scenery, mountains, and recreation is also a big draw.
If you’re ready to find you’re your next home here, contact the team at Maven Realty Utah. Helen Kepas-Brown and Sarah Stewart specialize in homes for sale in Lehi and the greater Utah County area. Their combined experience in law, sales, and design means they can help you find the home of your dreams. Both are dedicated to getting their clients the most beautiful homes that meet their financial goals. They also have the resources and a network of professionals to help you along the way.
