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Utah homeowners pay nearly 40% more per month than Utah renters

Aug 25, 2021, 3:02 PM | Updated: Aug 26, 2021, 7:51 am

utah renter...

FILE - In this Sept. 13, 2011, file photo, a house is for rent an for sale in Portland, Ore. Experts say owning rental housing can pay off even as market recovers. (AP Photo/Rick Bowmer, File)

(AP Photo/Rick Bowmer, File)

SALT LAKE CITY  — A new report from the real estate software company STESSA shows Salt Lake City homeowners are paying 39% more for their mortgage per month than renters pay in rent.

That is a reversal from the national average.  The median cost to rent in America is $1,402 a month, while the median monthly mortgage and property tax payments are $1,227.

However, several markets in Utah are flipped.  The median mortgage payments in Salt Lake City sit at $1,882 while renters hand over $1,354 every month.

That makes Salt Lake the 4th most expensive for homeowners versus renters in a large-size metro.

For medium-sized cities, Provo ranked as the 2nd most expensive for homeowners compared to renters.  And Ogden ranked third.  Boise, Idaho came out on top as the most expensive mid-size city for paying a monthly mortgage over rent.

For those who need a home on a budget, STESSA ranks Birmingham, Alabama as the place to buy.  According to their data, the median mortgage and property tax payment in Birmingham is $752 a month, while rent comes in at $1,172.

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Utah homeowners pay nearly 40% more per month than Utah renters