Utah homeowners pay nearly 40% more per month than Utah renters
Aug 25, 2021, 3:02 PM | Updated: Aug 26, 2021, 7:51 am
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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