What it costs to afford rent in Salt Lake City
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Renters need to earn nearly $70,000 a year to afford the typical monthly rent in Salt Lake City, according to a Zillow analysis.
Why it matters: Salt Lake City rent has surged 34% since April 2020, per Zillow, outpacing wage growth and making it harder for renters to avoid becoming rent-burdened.
By the numbers: The annual income needed to afford rent in Utah's capital is roughly $11,000 less than the national average of $80,949.
- As of April, the typical monthly rent in Salt Lake is $1,747 — $233 below the national average.
- In 2023, the median household income in the city was $74,925, according to Census data.
Between the lines: It's generally recommended to budget 30% of your monthly income for your rent or mortgage payment, but that benchmark is becoming harder to attain for many Americans.
What they're saying: "This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home," said Orphe Divounguy, a senior economist at Zillow, in a statement.
Zoom out: Renters need to make at least six figures in eight major metro areas, Zillow data shows.
- The company ranked San Jose, California; New York City and Boston as the top three most expensive rental markets with the highest income requirements.