UTAH (ABC4) – A new study conducted by NiceRX has found that Utah was ranked No. 7 in terms of residents spending the most amount of their income on rental costs. Utahns are losing 33.06% of their income on rental costs every year.
The study considered what percentage of the average income is spent on childcare, transportation costs, food and beverages, and other major cost of living factors.
According to the research, the annual cost of rent in Utah averages out to $18,321. As of June 2022, Zip Recruiter reports that the average annual income in Utah is $57,593. The study additionally found that Utah residents are spending 12.2% of their income on health insurance every year and 9.945% on childcare.
In terms of the nation, the data revealed that Hawaiians spend the largest amount of their income, 49.3%, on rent every year in the U.S. Additionally, rent and childcare were found to be the two most-expensive cost of living factors in the U.S., costing an average of $45,423 per year when combined, amounting to more than 46% of the average income. Health insurance was found to be the third most expensive cost of living factor in America, with an average annual cost of around $6,500, making up more than 10% of the average yearly income.
To view the full study by NiceRX, click here.