Housing Costs in Murray, UT: Complete 2025 Guide

The Housing Market in Murray Today

Murray, a thriving suburb of Salt Lake City, has experienced steady growth in recent years due to its strong local economy, excellent schools, and convenient access to downtown Salt Lake City via I-15. The city’s major employers, including Intermountain Medical Center and several large retail centers, have fueled demand for housing across all price points.

Compared to nearby cities like Midvale and Taylorsville, Murray’s housing market tends to be slightly more expensive, with a median home price of $525,000 as of 2025. However, the city’s diverse housing stock, ranging from affordable apartments to upscale single-family homes, offers options for a variety of budgets and lifestyles.

For those considering a move to Murray, it’s essential to understand the full cost of housing beyond just the rent or mortgage payment. Property taxes, HOA fees, utilities, and maintenance expenses can add up quickly, making it crucial to budget accordingly and weigh the long-term costs of renting versus buying.

Renting in Murray: Typical Costs and Trends

As of 2025, the average rent for a 1-bedroom apartment in Murray is around $1,400 per month, while a 2-bedroom unit typically costs about $1,800. These prices are on par with the broader Salt Lake City metro area but slightly higher than some neighboring suburbs.

Murray’s rental market is particularly popular among young professionals and small families who value the city’s excellent schools, parks, and community amenities. Neighborhoods like Fireclay and Murray Crossing offer a mix of newer apartment complexes and single-family rental homes, with rents ranging from $1,200 to $2,500 per month depending on size and location.

For those commuting to downtown Salt Lake City, proximity to I-15 and the Murray North and Murray Central stations on the TRAX light rail system can be a significant factor in rental costs. Apartments and houses located within walking distance of these transit hubs often command a premium, with rents up to 20% higher than properties farther from public transportation.

Owning a Home in Murray: Prices, Taxes, and HOA Fees

The median home price in Murray as of 2025 is $525,000, with single-family houses ranging from the low $400,000s for older homes to over $1 million for luxury properties in upscale neighborhoods like Spring Creek and Walden Glen.

In addition to mortgage payments, homeowners in Murray must budget for property taxes, which are assessed at a rate of 0.6% of the home’s value annually. For a median-priced home of $525,000, this translates to an annual property tax bill of approximately $3,150.

Many newer neighborhoods in Murray, particularly those built in the last 20 years, are governed by homeowners associations (HOAs) that charge monthly or annual fees. These fees typically cover the maintenance of common areas, such as parks, trails, and community centers. In Murray, HOA fees can range from $100 to $500 per month, depending on the community’s amenities and services.

Apartment vs House in Murray: Side-by-Side Costs

Utility & Upkeep Differences

In Murray, utility costs for apartments are generally lower than for single-family homes due to their smaller size and shared walls, which provide better insulation. The average apartment renter in Murray can expect to pay around $150 per month for electricity, gas, water, and sewer, while homeowners typically pay closer to $250 per month for the same services.

Maintenance and repair costs are another significant factor to consider when comparing the cost of renting versus owning in Murray. While renters are generally not responsible for these expenses, homeowners must budget for ongoing upkeep, such as landscaping, HVAC maintenance, and roof repairs. As a rule of thumb, homeowners should set aside 1-2% of their home’s value annually for maintenance and repairs, which equates to $5,250 to $10,500 per year for a median-priced home in Murray.

5-Year Rent vs Buy Outlook

Over a 5-year period, the total cost of renting a 2-bedroom apartment in Murray at the current average rate of $1,800 per month would be approximately $108,000, not accounting for annual rent increases. In comparison, the total cost of owning a median-priced home of $525,000 over the same period, including mortgage payments, property taxes, insurance, HOA fees, and maintenance, would be around $211,000.

While owning a home in Murray may be more expensive in the short term, it’s important to consider the potential for home appreciation and the long-term financial benefits of building equity. According to historical data, home values in Murray have appreciated by an average of 4% annually over the past two decades, meaning a median-priced home purchased today could be worth over $635,000 in just five years.

FAQs About Housing Costs in Murray

• How much are HOA fees in Murray?
  HOA fees in Murray typically range from $100 to $500 per month, depending on the community’s amenities and services.
• What is the property tax rate in Murray?
  The property tax rate in Murray is 0.6% of the home’s assessed value.
• Is renting cheaper than buying long-term in Murray?
  While renting may be cheaper in the short term, buying a home in Murray can be more cost-effective in the long run due to the potential for home appreciation and the benefits of building equity.
• Do houses have higher utility costs than apartments?
  Yes, single-family homes in Murray generally have higher utility costs than apartments due to their larger size and increased energy consumption.
• What’s the monthly cost difference between apartments and houses in Murray?
  The monthly cost difference between renting a 2-bedroom apartment and owning a 3-bedroom house in Murray is approximately $1,547, based on average rent and mortgage payments, property taxes, insurance, HOA fees, and maintenance costs.

Making Smart Housing Choices in Murray

When deciding whether to rent or buy a home in Murray, it’s essential to consider your long-term financial goals, lifestyle preferences, and job stability. While renting offers greater flexibility and lower upfront costs, buying a home can provide a sense of stability, tax benefits, and the potential for long-term wealth building through equity and appreciation.

To make an informed decision, start by evaluating your monthly budget and understanding the full cost of housing in Murray, including not just the rent or mortgage payment, but also property taxes, insurance, HOA fees, utilities, and maintenance expenses. Our guide on How Much It Costs to Live in Murray Each Month can help you create a realistic budget based on your income and lifestyle.

If you’re considering buying a home in Murray, it’s also important to factor in the upfront costs, such as the down payment, closing costs, and any necessary repairs or renovations. Our Best Moving Companies Guide can help you plan for a smooth transition into your new home.

Ultimately, the decision to rent or buy in Murray depends on your unique financial situation, long-term goals, and personal preferences. By understanding the full Cost of Living in Murray and weighing the pros and cons of each option, you can make a smart housing choice that aligns with your needs and budget.