How much does a Utahn need to make to rent an average 2-bedroom unit?

SALT LAKE CITY — A lot has changed since 2020, including the average amount of money a Utahn would need to make to afford a two-bedroom rental and still pay the rest of their bills.

In Utah, the fair market rent for a two-bedroom apartment is estimated at $1,398, according to Department of Housing and Urban Development data. To afford this estimated rent and utilities without paying more than 30% of income on housing, a household must earn $4,661 monthly or $55,930 annually, according to a 2024 National Low Income Housing Coalition report.

Comparatively, the organization’s 2020 report for Utah found that the fair market rent for a two-bedroom apartment at the time was approximately $1,031, bringing the household earning necessity to about $3,438 monthly or $41,251 annually.

In 2020, the hourly wage to afford the unit was estimated to be $19.83 — with it rising just four years later to $26.89, just over $7 more.

“Although most indicators show that the U.S. economy is strong, the lowest-income renters continue to confront significant challenges finding and maintaining access to safe and affordable rental housing.

“Insufficient wages, rising rents, and an inadequate housing safety net all contribute to the problem. Only sustained, long-term federal investments in affordable rental housing can ensure that the lowest-income renters have affordable homes,” stated the report released during Utah’s legislative session.

The Kem C. Gardner Policy Institute estimated that the average real wage increased at a rate of 0.5% between 2021 and 2022 but that wage increases were not seen across all sectors. The minimum wage has remained at $7.25, making it harder for low-income families to keep up with the rising costs of inflation, housing and transportation.

Please read Ashley Fredde’s complete article at KSL.com.

---

Read more stories about housing and homelessness from KSL NewsRadio.