The Salary That A Family In Utah Needs For Basic Survival

Inflation is totally out of control. Have you seen the interest rates? Every time I drive passed one of the those mortgage rate billboards along the freeway, I shudder. It hasn't been below 6% in a long time. The amount we spend on groceries in 2024 is almost triple the amount from 2022 and it is not getting better.
People are having to decide between ANY fun and stay-cations or eating and buying gas. It is crazy.

I have seen some rental prices becoming a tad more affordable, but they are few and far between. You have to look a little harder for those opportunities. The amount of money a family of four needs to make to survive in Utah can vary based on lifestyle, location, and specific needs. However, here is a general estimate by considering typical expenses such as housing, food, transportation, healthcare, and other essentials.

2024 Updated Cost of Living Breakdown:

Housing:
Rent/Mortgage: $1,800 - $2,500 per month
Utilities: $200 - $300 per month

Food:
Groceries: $800 - $1,200 per month

Transportation:
Car payments, gas, insurance: $600 - $800 per month

Healthcare:
Health insurance, out-of-pocket costs: $800 - $1,200 per month

Childcare:
Childcare costs (if applicable): $1,000 - $1,500 per month

Other Essentials:
Clothing, sports, miscellaneous: $500 - $700 per month

Total Monthly Estimate:

• Lower Range: $5,700
• Upper Range: $8,200

Annual Estimate:

• Lower Range: $68,400
• Upper Range: $98,400

I know these estimates are based on keeping our way of life the same without resorting to government help, but it is a stark reminder that everything is becoming unattainable very quickly.

The problem is that even if you got a cost of living salary increase in the last few years, it is not even close to matching the cost of living inflation. And who gets those raises every year??? I surely don't. Is it gonna take the market crashing to balance everything out again? Scary. Usually when I present problems, I try to come up with an answer, but I am stumped on this one. Mostly because I have absolutely zero control over it. What we can do is continue to plan for an even rainier day than today. Good luck everyone.