DID YOU KNOW?
If you had moved from Philadelphia, PA to Salt Lake City, UT in 2015, you would now have an additional $113,379 in cash and equity!
The math for this comparison:
Description | Philadelphia, PA | Salt Lake City, UT | Difference |
---|---|---|---|
Property Value | |||
Median Price 2015 | 217 725 | 279 114 | 61 389 |
Median Price 2023 | 344 398 | 531 033 | 186 635 |
Increase in Equity | 126 673 | 251 919 | 125 246 |
Income & Expenses | |||
Median Household Income1 | 80 007 | 81 307 | 1 300 |
Cost of living factor | 103,40 | 105,90 | |
Avg Household annual expenses (US Avg 61,334 x Cost of Living Index/100) |
75 448 | 77 272 | (1 824) |
Tax Burden as a percent of median income (different from tax rate) | |||
Income Tax Burden | 2,32% | 2,20% | |
Property Tax Burden | 2,71% | 2,34% | |
Sales Tax Burden | 2,92% | 3,54% | |
Total Tax Burden $
(Income Tax % x Median HH Income) + (Property Tax % x Avg Property Value) + (Salex Tax % x Annual Expenses) |
11 676 | 12 635 | (959) |
Total Property Difference | 125 246 | ||
Annual Income & Expense Difference | (1 483) | ||
Total Income & Expense Difference (Annual x Numbers of Years) | (11 867) | ||
Total Difference From 2015 | 113 379 |
The assumptions:
- Median household income in each location
- Median property price in each location
- Average US household annual expenses
- Tax burden based on percent of median income, not simply tax rate