SALT LAKE CITY — Utah's rental market puts affordable housing out of reach for many in state, as a new report issued by the National Low Income Housing Coalition (Coalition) shows that rent on a two-bedroom apartment requires an annual income of just over $42,000.
READ: Utah home prices hit record high... again
According to the Utah Department of Workforce Services, the average monthly wage in for Utahns in 2020 was $4,492, but this number is deceptively high, as many low-wage jobs were lost--and therefore not part of the equation--due to the pandemic.
"Out of Reach," the report issued by Coalition, states that the fair market value of a two-bedroom apartment in Utah is $1,051. In order to afford this level of rent and utilities—without paying more than 30% of income on housing — a household must earn $3,503 monthly or just over $20 per hour, assuming a 40-hour work week, 52 weeks per year.
If you earn less than $23.15 per hour you cannot afford to rent a two bedroom apartment in Salt Lake County. Thank you, @NLIHC for producing the Out of Reach report.https://t.co/nK4pkC2sev pic.twitter.com/7N7FMNCZYp
— Crossroads Urban Cen (@crossroadsurban) July 14, 2021
Go here for more information about this report and the Coalition's work on housing issues.
