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New Years Eve in Las Vegas with 8 News NOW

Data confirms: Rent is rising, wages are not

Local News

SALT LAKE CITY (News4Utah) – The National Low Income Housing Coalition released its 2018 “Out of Reach” report; it shows that the average Utah renter is paying 41% of their gross income on housing. 

The “Out of Reach” Report measures the growing housing problem by looking at how much families are paying for rent. It says families should pay 30% or less of their gross income on housing. 

In Utah, the Fair Market Rate (FMR) for a two bedroom apartment is $924 per month. A person would need to make $17.77 per hour or about $35,000 per year to pay rent using 30% of their salary. But, the report hows the average renter in Utah is only making $13.92 per hour or about $29,000 per year. That means the average Utah renter pays 41% of the gross income on housing. 

Experts from the Utah Housing Coalition say the problem is due partially to a scarcity of affordable units. 

Watch the full report above for ways you can help. 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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