Renting is cheaper than owning a home in Salt Lake City
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Renting is cheaper than owning a home in Salt Lake City, according to a LendingTree analysis.
Why it matters: The same holds true for all 100 of the largest U.S. metro areas as housing costs have soared nationwide, with stubbornly high home prices and mortgage rates weighing on would-be buyers.
- Nationally, homeowners with a mortgage now pay around 37% more per month than renters, researchers found.
By the numbers: The median monthly gross rent in the Salt Lake area was nearly $1,700 in 2024, based on the latest available census data, compared to over $2,200 a month for mortgaged homes, a 33.4% difference.
The big picture: In 22 of the 100 largest metros, owning costs at least 50% more each month than renting, including utilities, fees and taxes.
- Northeastern metros — New York (76%), Bridgeport, Connecticut (75%), and Providence, Rhode Island (67%) — saw the biggest percentage differences between homeowners' and renters' bills.
What they're saying: "The cost disparity here could be enough to convince someone that they'll never be able to own a home in some areas, and — unfortunately — they may be right," said Matt Schulz, LendingTree's chief consumer finance analyst, in a statement.
- Homebuyers may have to move to another city to find a place within reach, he says.
What we're watching: President Trump has proposed a raft of policies meant to lower mortgage rates and boost home-buying demand.
- But making housing more affordable is easier said than done.