The Housing Market in Taylorsville Today
Taylorsville, a bustling suburb of Salt Lake City, is experiencing a dynamic housing market in 2023. Inventory has tightened in recent months, with fewer homes and apartments available for rent or purchase compared to the previous year. Despite this, new housing developments are rising downtown and in select neighborhoods, offering modern amenities and convenient access to local businesses and recreation.
The economic context in Taylorsville remains stable, with a diverse job market spanning healthcare, education, retail, and professional services. This has helped maintain steady demand for housing, even as costs have trended upward. As a result, both renters and buyers in Taylorsville must navigate a competitive market while balancing their budgets and lifestyle preferences.
Renting in Taylorsville: What’s Typical?
For renters in Taylorsville, the average monthly rent for a one-bedroom apartment hovers around $1,200, while a two-bedroom unit typically costs $1,500 or more. These figures represent a moderate increase from the previous year, driven by tight inventory and consistent demand from young professionals, small families, and downsizing retirees.
Rent trends vary by neighborhood, with the most affordable options found in older complexes and townhomes on the city’s outskirts. Newer developments downtown and near major employers tend to command higher rents but often include amenities like covered parking, fitness centers, and on-site maintenance. Popular renter areas include the walkable districts near Valley Fair Mall and the Taylorsville Redwood Campus of Salt Lake Community College.
In Taylorsville, many rental properties include utilities like water, sewer, and trash in the monthly rent. However, renters should budget separately for electricity, gas, and internet, which can add $100-$200 or more to the total cost of living in an apartment. Renters insurance is also recommended and typically costs $15-$30 per month.
Owning a Home in Taylorsville
For those looking to buy a home in Taylorsville, the median price currently stands at $450,000, reflecting a competitive seller’s market. With a 10% down payment and a 30-year fixed mortgage at 4% interest, the estimated monthly payment for a typical buyer would be around $2,500, including principal, interest, taxes, and insurance.
In addition to the mortgage, homeowners in Taylorsville should budget for ongoing costs like property taxes (0.6% of assessed value), homeowners insurance ($80-$120 per month), and utility bills. Many neighborhoods also have monthly HOA dues ranging from $100-$300, which cover shared amenities and maintenance of common areas. In similar cities, owning a home typically costs $500-$1,000 more per month than renting an apartment, excluding repairs and renovations.
Renters vs. Homeowners: Who Lives Where?
Taylorsville has a homeownership rate of approximately 60%, slightly lower than the national average. This means that a significant portion of residents are renters, either by choice or necessity. Young professionals and new families often rent apartments or townhomes as a flexible and affordable option, while established families and retirees are more likely to own single-family homes.
The decision to rent or buy in Taylorsville is influenced by various factors, including income, savings, credit score, and long-term goals. For some, the financial and maintenance responsibilities of homeownership are daunting, making renting a more attractive choice. Others view purchasing a home as a way to build equity, control their living space, and put down roots in the community.
Cultural factors also play a role in housing choices, with multigenerational households more common among certain immigrant and minority communities in Taylorsville. These families may pool resources to purchase larger homes or rent multiple apartments in the same complex to maintain close ties.
Table: Typical Monthly Housing Costs in Taylorsville
Here’s what housing costs might look like each month in Taylorsville:
| Cost | Renting (1BR) | Owning |
|---|---|---|
| Rent/Mortgage | $1,200 | $2,500 |
| Property Tax | – | $225 |
| Insurance | $25 | $100 |
| Utilities | $150 | $250 |
| HOA | – | $200 |
| Total | $1,375 | $3,275 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors are influencing housing costs in Taylorsville, with supply and demand playing a significant role. As the population grows and more people seek homes in the area, competition for available properties has intensified, pushing prices upward. This trend is exacerbated by a shortage of new construction, particularly in the affordable housing segment.
The local job market is another key driver, with major employers like Intermountain Healthcare and Salt Lake Community College attracting workers to Taylorsville. As incomes rise and more people can afford to buy or rent, the pressure on housing costs increases. At the same time, economic uncertainty and high inflation rates have made some potential buyers more cautious, opting to continue renting until conditions stabilize.
Zoning policies and development patterns also shape the housing landscape in Taylorsville. The city has seen a mix of single-family homes, townhomes, and apartment complexes built in recent decades, with a focus on infill development and higher-density projects near transit corridors. While this has helped expand the housing supply, it has also led to concerns about traffic, parking, and the preservation of open space.
FAQs About Housing in Taylorsville
Is Taylorsville affordable to live in?
Compared to other Salt Lake City suburbs, Taylorsville offers relatively affordable housing options, particularly for renters. However, rising costs and limited inventory have made it more challenging for some residents to find budget-friendly homes.
Why are housing prices changing?
Housing prices in Taylorsville are influenced by factors like population growth, economic conditions, and the balance of supply and demand. As more people move to the area and compete for homes, prices tend to rise, especially if new construction lags behind.
How does Taylorsville compare to nearby cities?
Taylorsville is generally more affordable than neighboring cities like Murray and West Jordan, but may have fewer high-end housing options. It offers a similar mix of suburban amenities and access to Salt Lake City, making it an attractive choice for many households.
Making Smart Housing Decisions in Taylorsville
To navigate the housing market in Taylorsville, it’s essential to understand your budget, needs, and long-term goals. Renters should factor in not only monthly rent but also utilities, insurance, and potential savings for a future down payment. Homebuyers must weigh the upfront costs of purchasing against the ongoing expenses of ownership, including mortgage payments, property taxes, and maintenance.
Location is another critical consideration, as housing costs and amenities vary by neighborhood. Researching crime rates, school districts, and proximity to work, shopping, and recreation can help you find the best fit for your lifestyle and budget. Working with a local real estate agent or property manager can also provide valuable insights and guidance.
For those seeking to optimize their housing costs, strategies like finding a roommate, downsizing to a smaller space, or exploring income-restricted apartments may be worth considering. Homeowners can also look for ways to offset expenses, such as renting out a spare room or investing in energy-efficient upgrades.
Ultimately, making smart housing decisions in Taylorsville requires careful planning, realistic expectations, and a willingness to adapt as circumstances change. By staying informed about market trends, evaluating your cost of living, and creating a sustainable monthly budget, you can find a home that meets your needs and supports your financial well-being.