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SALT LAKE CITY — A lot has changed since 2020, including the average amount of money a Utahn would need to make to afford a two-bedroom rental and still pay the rest of their bills.
In Utah, the fair market rent for a two-bedroom apartment is estimated at $1,398, according to Department of Housing and Urban Development data. To afford this estimated rent and utilities without paying more than 30% of income on housing, a household must earn $4,661 monthly or $55,930 annually, according to a 2024 National Low Income Housing Coalition report.
Comparatively, the organization's 2020 report found that the fair market rent for a two-bedroom apartment at the time was approximately $1,031, bringing the household earning necessity to about $3,438 monthly or $41,251 annually.
In 2020, the hourly wage to afford the unit was estimated to be $19.83 — with it rising just four years later to $26.89, just over $7 more.
"Although most indicators show that the U.S. economy is strong, the lowest-income renters continue to confront significant challenges finding and maintaining access to safe and affordable rental housing. Insufficient wages, rising rents, and an inadequate housing safety net all contribute to the problem. Only sustained, long-term federal investments in affordable rental housing can ensure that the lowest-income renters have affordable homes," stated the report released during Utah's legislative session.
The Kem C. Gardner Policy Institute estimated that the average real wage increased at a rate of 0.5% between 2021 and 2022 but that wage increases were not seen across all sectors. The minimum wage has remained at $7.25, making it harder for low-income families to keep up with the rising costs of inflation, housing and transportation.
Other considerations include those who are on Social Security income; for rent to be considered affordable for them, it would be around $238, added the report. Senior homelessness has risen in Utah in recent years with a 27% increase from 2020 to 2024 — or around 1,064 individuals, according to data from Workforce Services.
Expansions of affordable housing for seniors have shown to be effective, with the opening of the Point at Switchpoint facility in Salt Lake City last year. Once 100 beds were introduced by the facility, the total number of people over 55 sleeping in shelters in Salt Lake County declined during the following two months by 124 people, according to the state data dashboard.
The 2024 report also found that:
- One would have to work at least 148 hours per week at minimum wage to afford a two-bedroom rental home (at fair market rent) or at least 124 hours per week for a one-bedroom.
- You would need 3.7 full-time jobs at minimum wage to afford a two-bedroom rental home (at fair market rent) or at least 3.1 full-time jobs at minimum wage for a one-bedroom.
Other key differences between the two reports included Ogden-Clearfield falling off the state's list of most expensive areas, being replaced with Kane County. Other areas included on both lists were Summit County, Salt Lake City, Wasatch County and St. George.
