| Index | Magna | Utah | National |
| Cost of living | 109 | 105 | 100 |
| Groceries | 100 | 101 | 100 |
| Health care | 104 | 101 | 100 |
| Housing | 125 | 113 | 100 |
| Transportation | 100 | 101 | 100 |
| Utilities | 106 | 101 | 100 |
| Lifestyle & Entertainment | 106 | 102 | 100 |
| Household Items | 99 | 102 | 100 |
| Education & Childcare | 107 | 105 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Magna? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Magna stands at 109, making it 9% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in Magna are priced in a manner consistent with other areas. This means that residents of Magna can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Housing costs significantly influence the Magna cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 25.4%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Magna affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Magna, for instance, where the median home price falls 29.4% higher than the national average, and monthly rent rates are 16.1% higher than usual. Additionally, median income levels contribute to the equation, with Magna flaunting a median household income of $101,091, 24.3% higher than the national norm.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Magna, the groceries index is 0.2% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Magna, the utilities index registers at 5.6% higher than the national average.
The cost of living data for Magna shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $110,455 | $9,205 | $2,577 | $3,314 |
| Renters | $60,713 | $5,059 | $1,417 | $1,822 |
| State | General Sales Tax | With Max Surtax |
| Utah | 6.1% | 8.35% |
| State | Income Tax (Low) | Income Tax (High) |
| Utah | 4.85% | 4.85% |
| City | Population | Cost of Living Index | National Avg. |
| Copperton, UT | 856 | 106 | 6.0% |
| Tooele, UT | 36,470 | 106 | 5.7% |
| Kearns, UT | 37,458 | 109 | 9.5% |
| West Valley City, UT | 140,970 | 110 | 10.3% |
| South Salt Lake, UT | 25,758 | 110 | 10.4% |
| Magna, UT | 27,938 | 109 | 9.4% |
| City | Population | Cost of Living Index | National Avg. |
| Short Pump, VA | 27,939 | 136 | 36.1% |
| Magog, QC | 27,928 | n/a | |
| Imperial Beach, CA | 27,956 | 167 | 67.0% |
| Anderson, SC | 27,956 | 93 | 7.4% |
| New Smyrna Beach, FL | 27,977 | 117 | 17.0% |
| Magna, UT | 27,938 | 109 | 9.4% |
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