Salt Lake City ranked one of the most affordable metros for renters

SALT LAKE CITY — Salt Lake City has been ranked the fourth most affordable metro in the nation for people who rent. Last month, the median asking rent in Salt Lake was $1,476.

The amount is not one of the cheapest rents in the nation. But many residents earn more than the income required to afford the median asking rent ($64,271 with a required income of $59,040).

Redfin defines an apartment as “affordable” if the rent payment is less than 30% of the renter’s monthly income.

Austin, Houston, and Dallas, Texas were ranked above Salt Lake in affordability. Providence, RI; Miami; FL,; and New York, NY were ranked the least affordable metros for renters.

Nationally, citizens need less income to afford rent than they have in three years, according to data from Redfin.

Across the nation, renters need to earn $63,680 to afford the median asking rent for an apartment in the U.S. That’s 6.4% lower than the income required in August 2022.

“The gap between how much renters earn and the income they need to keep rent affordable is shrinking, with last month’s difference being the smallest in the five years Redfin has tracked the two metrics,” said the study authors.

A boom in apartment construction should help keep rental prices steady while wages grow, hopefully continuing to close the gap.

Other reading: Mayor introduces new programs to help Salt Lake City renters