Study shows monthly rent in Salt Lake City is 89% cheaper than monthly mortgage

30 April, 2024

A recent study found making a monthly rent payment in the the Salt Lake metro area is a lot cheaper than making a monthly mortgage payment. This confirms the leap from renter to homeowner will take longer for many aspiring homebuyers.

According to the study by, the typical rent in the city averages around $1,700 per month, while a typical mortgage sits at approximately $3,100. This stark contrast amounts to roughly an 89 percent difference on a monthly basis.

Alex Gailey, an analyst at, attributed the affordability shift to the rising costs of home loans and home prices. She said as the expenses associated with homeownership increased, renting became a more economical option for many residents.

However, Gailey pointed out that the underlying issue driving this trend is the rapid growth of Utah's population.

"There are a lot of people who have flooded into the Salt Lake City metro area, and that in turn has created a lot of demand. Unfortunately, there are not enough homes to meet that demand," she said.

Turner Bitton, a Salt Lake City resident and leader of the advocacy group Salt Lake City Neighbors for More Neighbors, emphasized the need for policy changes to address housing shortages.

Bitton's organization urges for reforms in zoning laws to facilitate the construction of diverse housing options to meet the needs of Utahns with different budgets.

"It's very important we expand the types of houses being constructed. That includes things like ADUs (Accessory Dwelling Units) or smaller homes, townhomes, condos," he said.

Bitton cautioned that until more varied housing options are made available, renting will remain a more financially viable choice than buying.

Even if house prices and mortgage interest rates go down, Bitton argued that the road from renter to homeowner will be a long and difficult one as long as Utah's housing shortage continues.

He said Utah is short about 60,000 housing units, including townhomes, condos, and apartments.

This piece originally appeared on KJZZ14 website. Click here to read the original article.