Almost nine out of 10 people who rent a living space in Utah are unable to afford to buy a home in the state, according to new analysis provided by the University of Utah’s Kem C. Gardner Institute.
According to the data shared by the group, as of August, 88 percent of Utah renters can’t afford the cost of a median-priced home in the state, which is $520,000. The study shared how those looking to buy a home in Salt Lake County last year needed an income of $153,000 to make the dream a reality.
In Salt Lake County, the gap between the median monthly mortgage payment ($3,603) and monthly rent ($2,475) stands at over $1,100, which shows why many choose to rent rather than own…