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Utah rental market out of reach for many residents

Posted at 10:52 AM, Jul 14, 2021
and last updated 2021-07-14 17:07:51-04

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

National Low Income Housing Coalition report data

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.

National Low Income Housing Coalition map

"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.

Go here for more information about this report and the Coalition's work on housing issues.